Hubert Joly, CEO of Best Buy has led the company to a big turnaround that has put its shares on the rise. Unfortunately, Joly won't be the one to reap the benefits of his hard work, instead, his ex-wife will be getting the big payday.
On Tueday, Joly disclosed in a filing that he sold 451,153 shares of the company for a total of $16.7 million. He reportedly paid $6.3 million to exercise stock options, netting him just over $10 million through the sale, according to CNN Money. The company then issued a statement explaining that Joly made the financial move in order to pay for a divorce from his ex-wife.
"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," a spokesperson for the company said in a statement. "He remains heavily invested in Best Buy."
The company says Joly's sale only represents about 20 percent of his Best Buy stake. Tuesday's filings shows he holds about 476,000 shares after the sale. A spokesperson for the company also says he has received additional stock grants and options that have not yet been disclosed in company filings.
Since his appointment as CEO in Aug. of 2012, Joly has turned a shrinking Best Buy into one of the top performers on the S&P 500 index and has tripled the value of the company's shares. The company was struggling with weak sales and growing competition from online sites like Amazon, according to CNN Money. This was especially true after former CEO Richard Schulze failed at his attempt to take the company private. Joly had previously worked at Carlson Wagonlit Travel, the home of large brands like the Radisson and TGI Friday's prior to his naming as Best Buy CEO.
