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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLenovo CEO Gives His $3 Million USD Bonus to 10,000 Employees
It will come as no surprise to anyone who follows the technology world that CEOs at major corporations make a ton of money. Often their bonuses are even more than their yearly income. The CEO of Lenovo, Yang Yuanqing, recently received a fat bonus of $3 million. Rather than stuffing that big bonus away in his own bank account, Yang Yuanqing gave it away.
The CEO took the $3 million bonus and distributed it among 10,000 junior level employees. Among the employees to receive a piece of the pie were receptionists, production line workers, and assistants. Each of those 10,000 employees received a bonus of 2000 yuan, which works out to about $314 USD.
Lenovo had its best fiscal year ever, which ended in March. Lenovo saw a 73% increase in net profit compared to the previous year and Yang had previously said that it was a "record-setting year for Lenovo."
It's nice to see an executive giving away a huge chunk of money to the employees that had as much to do with Lenovo's successful year as any executive within the company.
http://www.dailytech.com/Lenovo+CEO+Gives+His+3+Million+USD+Bonus+to+10000+Employees/article25227.htm
marmar
(77,072 posts)nt
aggiesal
(8,910 posts)beac
(9,992 posts)Nice to hear about an un-greedy CEO for once.
xtraxritical
(3,576 posts)1StrongBlackMan
(31,849 posts)Comment heard at in undisclosed Squash/Racket Club's lockerroom:
"Damned foreigners ... They're ruining everything!"
myrna minx
(22,772 posts)justanidea
(291 posts)This is what a smart CEO would do. A bonus like that can greatly improve employee morale and as a result, productivity.
gregoire
(192 posts)and he's being paid under the table. I'd bet good money his real bonus is $6 million, and he is only giving-up half of it.
DainBramaged
(39,191 posts)just like Shrub was
catbyte
(34,372 posts)klook
(12,154 posts)The source story on the CNN web site, which is linked from the DailyTech article, points out that Yang got a $5.2 million bonus and gave $3 million of it to the 10,000 employees. Are you telling us this makes him a bad guy, since he gave away only 58 percent of his bonus?
Is the business world filled with CEOs giving away 100 percent of their bonuses to line workers, and I've just missed it somehow?
WillyT
(72,631 posts)Baitball Blogger
(46,699 posts)heaven05
(18,124 posts)NEVER in america
klook
(12,154 posts)I would urge the cynics to compare this to the Wall Street execs who left their workforces unemployed but took staggering bonus payouts and golden parachutes anyway.
progressoid
(49,978 posts)Hope this spreads to others.