Best Buy CEO Unloads Big Stake ... to Pay for Divorce

Best Buy had to issue an unusual statement explaining exactly why its CEO just dumped 20% of his stake in the company: the business his fine; his marriage, not so much. Hubert Joly sold about 450,000 shares and netted $10 million, reports CNNMoney. "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 statement. A little awkward, sure, but better than the mess surrounding the previous CEO, who resigned over allegations of improper conduct with a female employee, notes the Wall Street Journal. (More Best Buy stories.)