Article:
NEW YORK (CNNMoney) 
  
 Best Buy CEO Hubert Joly has led a turnaround at the company that's sent shares soaring. And that's turned into a very big payday for his ex-wife. 
  
 On Tuesday Joly disclosed in a filing that he sold 451,153 shares of the company for a total of $16.7 million. He paid $6.3 million to exercise stock options, so he netted just over $10 million through the sale. The company issued a statement saying the sale was prompted by his need to pay a divorce settlement. 
  
 "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's statement. "He remains heavily invested in Best Buy." 
  
 Related: Best Buy - not your standard corporate comeback 
  
 The company says Joly's sale represented about 20% of his Best Buy (BBY) stake. Tuesday's filing shows he holds about 476,000 shares after the sale, but a spokesman said Joly has received additional stock grants and options that have not yet been disclosed in company filings. 
  
 Joly was born in France and previously worked at Carlson Wagonlit Travel, home of such brands as Radisson and TGI Friday, before he was named CEO of Best Buy on Aug. 20, 2012. 
  
 Related: Rebuild your nest egg after a divorce 
  
 The company has struggled with weak sales and growing competition from online retailers such as Amazon (AMZN). Shares continued to decline in his first few months on the job, especially as founder and former CEO Richard Schulze failed at his effort to take the company private. 
  
 But shares have tripled in value so far this year as Joly cut costs and improved earnings, making Best Buy one of the top performers on the S&P 500 index. ||||| Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com |||||Summary:

– 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.