Sept 10 Electronics retailer Best Buy Co Inc'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.
Joly exercised an option to buy 350,467 shares at $18.02 per
share on Sept. 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.
Joly sold those shares at an average of $37.01 per share and
an additional 100,686 shares at about $37.08. ()
"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."
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.