Richfield-based Best Buy Co. disclosed Tuesday that CEO Hubert Joly netted about $10 million in a stock sale to help cover costs in his divorce, the Minneapolis-St. Paul Business Journal reports.
In a filing with the U.S. Securities and Exchange Commission last week, Joly sold more than 100,686 shares along with 350,467 in options "due to circumstances relating to his marital dissolution."
The Wall Street Journal reports the sale accounted for more than 20 percent of his Best Buy holdings.
Despite the sale, company spokesman Matt Furman told the Wall Street Journal that Joly remains "heavily invested in Best Buy."
The paper said Joly sold about $17 million in stocks, but the sale netted him $10 million.
According to the MSP Business Journal, Joly received a "hefty dose of options and stock" when he was lured away from his previous employer, Minnetonka-based Carlson.
Even though the stock had a two-year holding requirement, the Best Buy board waived the rule due to Joly's circumstances.
"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," Best Buy said in a statement.
The MSP Business-Journal says Best Buy's shares have "risen markedly" since Joly was hired in August 2012.
This August, Best Buy posted its highest quarterly profits in 2 years.