Best Buy CEO Sells Half His Vested Shares, Raises Some Eyebrows
Earlier this week, the Minneapolis/St. Paul Business Journal (among many other business news outlets) reported some eyebrow-raising news: Best Buy CEO Hubert Joly sold off $12.8 million worth of the consumer electronics retailer’s stock. That total represents roughly 44 percent of Joly’s vested shares and 25 percent of his company holdings when his stock options and performance shares are factored in.
That’s a whole lotta cash, and rather alarming given the shaky ground that the company has been sitting on over the last handful of years.
But, fear not! A Best Buy spokesperson told the Minny/St. Paul Biz Journal that the move by Joly has nothing to do with the performance of the company he sits at the helm of. Rather, he’s simply looking to diversify.