Best Buy CEO Dumps Stock

Investors usually regard large sales of stock by top executives as a red flag. When the top dog bails out, it is often because he knows things are going badly at the company. But Best Buy CEO Hubert Joly has a good excuse for dumping $10.4 million worth of shares he holds in the electronics retailer—about 20 percent of his total stake. The company said that he needed cash to cover the cost of dissolving his nuptials. “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,” the company said in a statement. Joly’s timing was pretty good. After the company survived a near-death experience, its stock tripled in 2013 as its underlying business has stabilized.