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 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.
Joly sold those shares at an average of $37.01 per share and an additional 100,686 shares at about $37.08. (r.reuters.com/zaj92v)
"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.
(Reporting by Lisa Baertlein in Los Angeles and Chris Peters in Bangalore; Editing by Bernard Orr and Anil D'Silva)