9/3/2013 8:15 PM ET|
Lenovo boss gives workers millions
CEO Yang Yuanqing plans to donate at least $3 million of his bonus to employees. That's quite a payday for those living in China.
That's happening for the second straight year at Lenovo Group, where CEO Yang Yuanqing (pictured) plans to give away $3.25 million of his bonus to 10,000 of his company's workers, Bloomberg News reports.
That works out to about $325 for each employee. That may not sound like much in Morrisville, N.C., one of two cities where Lenovo has headquarters. But in the other city -- Beijing -- $325 is almost the equivalent of one month's pay.
Workers in 20 countries will get the payments, but about 85% of them are in China, Bloomberg reports.
Why would the 48-year-old Yang give away his personal bonus? According to a memo that went out to workers, Yang wants to make sure all employees understand the impact they have on building Lenovo, the world's largest PC maker.
Fewer than a third of Lenovo's employees will get the bonus. Yang decided to give the payouts to those in the trenches in manufacturing, the ones who are paid by the hour and aren't eligible for other bonuses or commissions.
Yang will still get a hefty salary after giving away his millions. He was paid $14.6 million last year and owns about 7% of the company's stock.
There aren't many CEOs willing to share their bonuses. Bloomberg only found a couple examples of other executives who have done so, including the boss of Russian aluminum producer United Co. Rusal and the head of U.K. clothing retailer Next Plc.
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