Lenovo CEO Distributes His $3 Million Bonus Among Employees
Regardless of your views on executive pay, the way Lenovo CEO Yang Yuanqing has chosen to dispense with $3 million of his bonus is quite admirable. Yuanqing split the $3 million among 10,000 junior-level employees, including assistants, receptionists and production-line workers, according to CNN. Employees received about 2,000 yuan apiece, or $314 in U.S. currency.
That $3 million sum came from Yuanqing’s $5.2 million bonus for the fiscal year that ended in March 2012. Lenovo had its best fiscal year ever during that period, raising net profit by 73 percent over the prior year. “We set an all-time high for revenue, shipment, market share and pre-tax income,” Yuanqing said in a press release.
It’s safe to say that the Lenovo CEO’s generosity won’t hurt his own financial standing in the slightest. His earnings were about $14 million in the past fiscal year, a total that includes his base salary, incentives and various benefits. Do you think more CEOs should follow Yang Yuanqing’s lead and distribute part of their personal earnings to junior employees?
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(Photo credit: CNN)