Best Buy CEO Hubert Joly Finances Divorce With $17M in Stock

Image: Best Buy CEO Hubert Joly Finances Divorce With $17M in Stock

Thursday, 12 Sep 2013 09:33 AM

By Alexandra Ward

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
Best Buy CEO Hubert Joly sold nearly $17 million worth of stock to help him pay his hefty divorce settlement, the company announced Wednesday.

According to CNN Money, Joly exercised more than 350,000 stock options at $18.02 per share, for a total of $6.3 million. He then reportedly sold those shares and others for a total of 451,153 shares for $16.7 million. He made approximately $10.4 million from the sale.

"This sale reflects only one thing — Mr. Joly has recently gone through a divorce and needs to sell a portion of his holdings in order to cover the costs of that unfortunate event," the consumer electronics company said in a statement. "He remains heavily invested in Best Buy."

Urgent: Do You Agree With Obama's Stance On Syria? Vote Here

A regulatory filing reveals that the sale comprised about 20 percent of Joly's stake in Best Buy, and that the CEO still holds about 476,000 shares, CNN Money reported.

Joly, who was born in France, was named Best Buy CEO in August 2012. Last month, Best Buy reported second-quarter results that exceeded analysts' predictions as the company aims to revamp itself.

This isn’t the first time a Best Buy CEO's relationship has made headlines. Brian Dunn, Joly's predecessor, stepped down last year after he allegedly had a fling with a 29-year-old subordinate.

"During one four-day and one five-day trip abroad during 2011, the CEO contacted the female employee by cell phone at least 224 times, including 33 phone calls, 149 text messages, and 42 picture or video messages. In one instance, several photographs were discovered on the CEO's personal cell phone that contained messages expressing affection, one of which included the female employee's initials," an internal investigative report stated at the time.

Dunn was ultimately granted a $6.6 million severance package.

Urgent: Should Obamacare be Repealed? Vote Here Now

Related stories:

Best Buy Awarded $7 Million in Damages in Flat-Panel Suit

Tight Cost Controls Boost Best Buy Quarterly Profit

Following Yahoo's Lead, Best Buy Ends 'Results-Only' Telecommuting  

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

JaVale McGee Scores With Fan While Chasing Ball (Video)

Monday, 24 Nov 2014 11:27 AM

JaVale McGee of the Denver Nuggets didn't get the loose ball he was chasing down against the New Orleans Pelicans, but h . . .

California Bus Crash - Its 2nd of the Day - Kills 1 and Injures 30

Monday, 24 Nov 2014 10:49 AM

A 33-year-old man was killed and 30 others injured when a tour bus drifted off a Northern California interstate and cras . . .

Security Breach: San Jose Airport Chase Ends in Arrest

Monday, 24 Nov 2014 10:38 AM

A security breach at the San Jose airport in which a man broke into the tarmac area has authorities asking how secure th . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved