The Law Offices of James A. Cuddy, LLC

Best Buy CEO sells company stock due to divorce

The CEO of electronics giant Best Buy has sold over $10 million worth of the company's stock, according to a recent filing with the Securities and Exchange Commission. A spokesperson for the company stated that the executive sold the stock because of his divorce, receiving about $37 per share on the sale of slightly more than 350,000 shares. The company stressed that the CEO did not sell the stock because he was worried about the prospects of the company. Best Buy operates stores in Connecticut and elsewhere.

The company spokesperson further explained that the Best Buy CEO needed to liquidate the stock in order to cover costs associated with his divorce and that the executive remained heavily invested in the electronics company.

Many industry experts and others credit the current Best Buy CEO with turning the company around. The stock price of Best Buy soared over 200 percent during the past year. In regard to the stock sale by the executive, stock market analysts maintain that stock sales by executives typically are not as meaningful as stock purchases by corporate insiders.

A Connecticut divorce attorney may be able to provide assistance to clients in a number of ways. A primary area of representation may involve helping to resolve financial issues that exist in high asset divorce situations, which may include a division of assets and debts and negotiating for alimony or spousal maintenance. If children are involved in a divorce, a Connecticut attorney may assist clients in obtaining an appropriate amount of child support and may also assist with issues that include child custody and visitation and other issues stemming from the termination of a marriage in Connecticut.

Source: USA Today, "1 reason to sell Best Buy stock: D-I-V-O-R-C-E", John Waggoner, September 12, 2013

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