Best Buy CEO Hubert Joly sells his shares to help cover divorce costs | Reuters
If you get divorced in the state of Florida, the money you’ve put into your 401k during a marriage is subject to equitable distribution.
(Reuters) – Electronics retailer Best Buy Co Inc’s Chief Executive Hubert Joly raised about $10.4 million through a share sale to help cover divorce costs for his recent divorce, a regulatory filing showed.
Electronic retailer Best Buy Co, Inc on Tuesday said Hubert Joly, its president and chief executive, exercised and sold 350,467 stock options and sold 100,686 shares on Sept. 6 to help cover his recent divorce costs.
“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.
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