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CEO’s sale of stocks attributed to divorce settlement

On Behalf of | Sep 17, 2013 | Divorce

Deciding to divorce a partner that was once thought to be a lifelong companion is never an easy decision. Even the most amicable of divorces are likely filled with emotions. However, the decision to divorce is often more difficult when doing so affects not only the couple personally, but also, potentially, the future of a multimillion dollar company. Stockholders in Massachusetts and across the company were stunned by the news that the CEO of Best Buy recently sold a large portion of his stocks, making them question the stability of the company.

According to statements released by the company, the company leader sold approximately 20 percent of his share in the company. However, he still owns over 476,000 shares. He earned around $10 million as a result of the sale.

Company representatives were quick to soothe worried stockholders. The sale was merely a result of the man’s recent divorce settlement. They further claim that the sale was by no means of reflection of the current state of company or expected value of the stock, and were only sold as a result of the divorce.

Since he took over as CEO of Best Buy, the value of stocks have tripled for the formerly struggling company. As a result, his former wife became entitled to a larger divorce settlement than she normally would have without the company’s recent success. In some cases, Massachusetts couples may consider a prenuptial agreement to protect such a surge in assets that happens over the course of a marriage. While a prenuptial agreement will not completely ease the emotions of the such a major life event, it could ease and shorten the divorce process.

Source: CNN Money, Divorce forces Best Buy CEO to dump stock, Chris Isidore, Sept. 11, 2013

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