Lenovo CEO Shares Bonus with Workers for a Second Year
September 2, 2013 11:16 AM
comment(s) - last by
Payouts will be about $325 per worker
Computer maker Lenovo has reported that its CEO Yang Yuanqing plans to share at least $3 million of his bonus with workers for the second straight year. Lenovo
posted record sales for the year
and the company’s CEO plans to spread his bonus amongst 10,000 workers with payment amounts going to recognize worker contributions.
Lenovo spokesperson Jeffrey Shafer said that the total amount the CEO paid out would be about $3.25 million, up from
$3 million last year
“This is quite rare, especially for a chairman of a Chinese company, to use his personal money as a bonus to reward employees,” said Kirk Yang, a managing director at Barclays Plc in Hong Kong.
Lenovo CEO Yang Yuanqing
The shared wealth will be handed out to Lenovo staff in 20 countries with about 85% of those receiving money located in China. The average payment to individual workers at Lenovo will be around $325. While that may not sound like a lot of money, it is equal to about one month's pay for the typical city worker in China.
Lenovo currently has more than 35,000 employees around the world as of the end of March.
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RE: Good to hear!
9/3/2013 4:38:04 AM
Also want to point out that companies operated like co-op's are significantly better about "spreading the wealth" than those traded on public stock-exchanges.
RE: Good to hear!
9/3/2013 11:33:27 AM
Look up 0992.HK or LNVGY on the Pink Sheets (American Depositary Receipts). Lenovo is publicly traded on the stock market - has been for years.
RE: Good to hear!
9/4/2013 2:38:52 AM
Yes. And Lenovo is one of the few that does things like this. Co-Ops (which are wholly owned by the workers employed therein) are much better about profit sharing--if only because the shareholders are employed there.
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