Reuters: Technology News: Best Buy CEO sells shares, options to help cover costs of divorce

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Best Buy CEO sells shares, options to help cover costs of divorce Sep 10th 2013, 21:48 Tue Sep 10, 2013 5:48pm EDT (Reuters) - Electronics 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 September 6 to help cover costs for his recent divorce. "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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