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Yang Yuanqing  (Source: Harikrishna Katragadda / Mint)
10,000 workers get generous bonus from Lenovo CEO Yang Yuanqing

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.

Lenovo has recently launched several new products and services, including new no-contract broadband plans for its mobile computers.

Source: CNN



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Awesome gesture, wish more in US would emulate.
By Denithor on 7/20/2012 10:46:08 AM , Rating: 4
http://www.huffingtonpost.com/2012/03/08/average-c...

According to this, US factory workers make about 17 times more per hour than Chinese equivalents. Cost of living over there is about 50% lower, so it works out to a factor of 8.5 difference.

Multiply that $300*8.5 and you get a $2550 bonus for a worker here.

Not a useless gesture at all in my mind...

Seriously wish some of our idiotically-paid execs here would get a clue about who enables them to get their bonuses and return the favor like this guy did.




RE: Awesome gesture, wish more in US would emulate.
By TSS on 7/20/2012 11:17:51 AM , Rating: 5
I have to point out something everybody else seems to be missing.

The CEO really *deserved* that bonus. A 73%+ increase in profits?! That's huge. Especially in their market. There's no way that happened without some solid business decisions at the top, most likely from this guy. And he *still* gave the bonus away.

CEO's in the west get a $3 million bonus if profits decrease by 73%. And keep it. Even sue when they don't get it. Not to say that most CEO's in china are any different, but good luck finding a story like this at all in the west.


RE: Awesome gesture, wish more in US would emulate.
By Spuke on 7/20/2012 11:33:38 AM , Rating: 2
Yep. This guy didn't give it away directly to employees but I'll let you all read it and make up your own minds.

http://www.usatoday.com/money/industries/travel/20...


By bupkus on 7/20/2012 5:11:02 PM , Rating: 2
Old guy with old school values. I think I recall attitudes like that. He may even be embarrassed by the numbers he's had thrown at him considering he may have grandchildren with crappy jobs.


RE: Awesome gesture, wish more in US would emulate.
By bupkus on 7/20/2012 5:15:28 PM , Rating: 4
It must be easy living in a world where people can be categorized so easily-- commies, hippies, treehuggers, etc.


By BluntForceTrama on 7/21/2012 9:17:56 AM , Rating: 1
Remember Archie Bunker, the equal opportunity hater? A twisted version of fair and balanced?


RE: Awesome gesture, wish more in US would emulate.
By bupkus on 7/20/2012 5:06:14 PM , Rating: 2
quote:
it doesn't support the Marxist leaning anti-business media bias we have in this country.
Aren't you old enough to recall the very recent Maoist views in China??


By BluntForceTrama on 7/21/2012 9:22:11 AM , Rating: 3
Political indoctrination tends to limit vision and memory. In more extreme cases it rewrites history as well.


By bupkus on 7/20/2012 5:16:34 PM , Rating: 2
Troll much?


By PresidentThomasJefferson on 7/22/2012 3:16:40 PM , Rating: 2
ya, it has happened in Cali.. remember Kingston Memory in Irvine, CA--it's the Asian culture of 'collective group good'.. the Asian/Chinese owners of Kingston Memory gave their huge $400 million bonus when Samsung bought them to every employee at Kingston
based on their years at the company, even secretaries there after a few years,etc got like $50,000 each & workers only w/1 year there got about $16,000+ bonus while others with longer yrs got even $100,000+ bonus.. .(it was about $16,000 per year at company)


By senecarr on 7/24/2012 12:25:27 PM , Rating: 2
Media in this country is a business. So use Media companies are anti Media company? Really?


By PresidentThomasJefferson on 7/22/2012 3:09:38 PM , Rating: 2
It's the Asian culture of 'collective group good'.. Kingston here in Irvine, CA who has Asian owners/CEO also gave their multi-dollar bonuses to every employee based on their years at the company, even secretaries there after a few years,etc got like $50,000 each & workers only w/1 year there got about $16,000+ bonus


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