Electronics retailer Best Buy’s chief executive Hubert Joly raised about $10.4 million through a share sale to help cover costs for his recent divorce, a regulatory filing showed.<\/p>\n
Joly exercised an option to buy 350,467 shares at $18.02 per share on September 6, after the company’s Compensation and Human Resources Committee approved a waiver of the remaining year of the CEO’s two-year holding period for the stock award.<\/p>\n
Joly sold those shares at an average of $37.01 per share and an additional 100,686 shares at about $37.08.<\/p>\n
“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,” spokesman Jeff Shelman said in a statement. “He remains heavily invested in Best Buy.”<\/p>\n
Joly’s holdings remain “substantially in excess” of his 140,000 share ownership target under Best Buy’s executive stock ownership guidelines following the reported transaction, the company said in a regulatory filing.<\/p>\n