Best Buy Issues Statement Following Sale of Shares by CEO Hubert Joly
On September 10, 2013, Hubert Joly, the President and Chief Executive Officer of Best Buy Co., Inc. (NYSE: BBY) exercised and sold 350,467 stock options and sold 100,686 shares in the registrant on the open market on September 6, 2013, due to circumstances relating to his marital dissolution. As reflected in the Form 4, Mr. Joly's holdings remain substantially in excess of his 140,000 share ownership target under the Company's Executive Stock Ownership Guidelines following the reported transaction.
Company statement is as follows:
“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. He remains heavily invested in Best Buy.”
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