On Monday, shares of electronics retailer Best Buy Co. (BBY Quick QuoteBBY - Free Report) are down over 3% in afternoon trading after CEO Hubert Joly sold $12.8 million in stock, slashing his equity stake in the company by 44%.

According to Bloomberg, Joly sold 398,000 shares for an average price of $32.24, leaving him with roughly 511,000 shares as of June 2. His total holdings in Best Buy have a valuation of about $40 million. Joly joined the company in 2012.

“Hubert’s sale is solely related to his desire to diversify his overall personal holdings,” Jeff Shelman, a spokesman for Best Buy, told Bloomberg. “He remains firmly committed to Best Buy and is excited to lead the company in this next phase. He has absolutely no plans and no desire to explore other opportunities.”

Even though the sale does not indicate that Joly will leave his role as CEO, investors were not happy with the news, as seen from BBY’s downward performance. This comes after the company reported disappointing first quarter results. Investors have been eagerly awaiting for Best Buy to make a comeback, and while Joly has made significant strides, the company still has yet to see steady sales growth.

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