CEO Hubert Joly sold almost half of his Best Buy shares to pay a divorce settlement.
NEW YORK (CNNMoney)
On Tuesday Joly disclosed in a filing that he sold 451,153 shares of the company for a total of $16.7 million. The company issued a statement saying the sale was prompted by his need to pay a divorce settlement.
"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," said the company's statement. "He remains heavily invested in Best Buy."
Related: Best Buy - not your standard corporate comeback
Joly's sale represented about half of his Best Buy (BBY, Fortune 500) stake, leaving him with 476,628.74 shares, according to the company's filing.
Joly was born in France and previously worked at Carlson Wagonlit Travel, home of such brands as Radisson and TGI Friday, before he was named CEO of Best Buy on Aug. 20, 2012.
Related: Rebuild your nest egg after a divorce
The company has struggled with weak sales and growing competition from online retailers such as Amazon (AMZN, Fortune 500). Shares continued to decline in his first few months on the job, especially as founder and former CEO Richard Schulze failed in his plan to take the company private.
But shares have tripled in value so far this year as Joly cut costs and improved earnings, making Best Buy one of the top performers on the S&P 500 index,
First Published: September 11, 2013: 9:58 AM ET
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