September 15, 2012 / 1:32 AM / 6 years ago

Best Buy CEO sells about $1.2 million of stock

(Reuters) - Hubert Joly, Best Buy Inc’s (BBY.N) newly appointed chief executive, sold about $1.19 million worth of shares of common stock of the company, according to a regulatory filing on Friday.

Joly sold 65,796 shares at a price of $18.02 per share, according to the Securities and Exchange Commission filing.

“Today’s stock sale involving Best Buy Co., Inc. CEO Hubert Joly was made entirely to cover taxes associated with stock grants,” the company said in a statement late on Friday.

Hubert Joly, the former head of hospitality and travel company Carlson, was appointed Best Buy’s chief executive late in August, in a bid to tap his experience in turning around ailing businesses.

Joly’s appointment ended months of uncertainty at the world’s largest consumer electronics chain stemming from the abrupt departure of its prior CEO, Brian Dunn, in April.

Reporting by Siddharth Cavale; Editing by Gary Hill

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