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Lenovo CEO Shares $3 Million Bonus With Workers
hackingbear writes "Yang Yuanqing, founder and CEO of Chinese PC maker Lenovo, will share $3.25 million from his bonus with some 10,000 staff in China and 19 other countries. 'Most are hourly manufacturing workers,' Lenovo spokeswoman Angela Lee said. 'As you can imagine, an extra $300 in a manufacturing environment in China does make an impact, especially to employees supporting families.' In its annual review last year, Lenovo raised Yang's base pay to $1.2 million and awarded him a $4.2 million discretionary bonus and a $8.9 million long-term incentive award. Yang owns 7.12% of Lenovo's shares, equivalent to about $720 million in stock."
I believe that he did this last year as well.
Good on him, especially considering that Lenovo has been quite successful recently in a contracting PC market
It's easy to be a philanthropist when you're rich. Just sayin'
Its also easy to not share your wealth with your workers.
The workers feel appreciated and will be diligent.
You don't happen upon good employee morale and company stewardship.
It has to be grown. Quality and waste will decrease. When employees feel zero empathy for the company or it's future, a fall is sure to follow.
In before 1000 Libertarians explaining that nobody works unless they're paid money, because nothing is important except accumulation of material tat.
Libertarian here. His stock is worth $720M, and he only gave away 0.5% of that. If his generosity boosts morale enough to generate just 1% more profit, then he has doubled the money. He is publicizing this gift, so the workers are aware of the source, rather than giving anonymously, so he is at least partly motivated by greed. This looks like a smart investment.
$3,250,000 / 10,000 = $325 per employee.
Keep that math in your brain for the next "Overpaid CEO" argument.
If this is all about return on investment, why don't all CEs of multinationals do this?
Are they all that dumb? Are you saying they should all be sacked?
The 23rd curse of the Libertarian is to reduce everything to some meaningless effiiciency calculation which ignores any inconvenient factors. It's the kind of thing you do as a dorky 15 year old (or college freshman if you're remedial), but mostttttt people grow out of by college.
Clicked on comments to come and see all the folks who'd make negative comments about him for this. You, among others, didn't disappoint.
There is no indication he's motivated by greed whatsoever, and it's either ignorant or wilfully destructive to cast such aspersions without some concrete evidence.
"The true measure of a person is how they act when they know they won't get caught." - DSRilk
No its not, you dont get rich by sharing to begin with.
Who logs in to gdm? Not I, said the duck.
In reality, it's easy to imagine being generous when you don't have much to give.
Bingo. Being rich insulates you from understanding hardship, the most generous people are generally the ones who can least afford it because they experience some level of poverty on a daily basis.
When information is power, privacy is freedom.
There are a few really good reasons not to do business with me, but I've always had as many clients as I can handle. Most of my money (over a million dollars) has come from people who choose to do business with me BECAUSE of what kind of person I am.
When they see me being generous with my time and money, they know I'm the type of person they want to do a deal with.
Secondly, without a generous and grateful spirit, you can have $200 million and not be nearly as rich as someone with a spirit of gratitude and generosity who earns 1/10th as much.
Sure, it's POSSIBLE to get a lot of money by being obsessed with money. Some people do that. It's EASIER to get rich by being of service, solving people's problems. Who would you rather buy from, someone who is obsessed with getting your money, or the other guy who is trying to help you solve your problem? If you were really good at what you do, which of those people would you choose to work for?
You don't get rich spending money FOOLISHLY. Every rich person I know is generous, applying the same wisdom to their giving that they apply to their business. (Disclaimer - generous people are over represented in the list of people I know because I don't hang out with, or do business with, scumbags.)
Note to Americans: this is a textbook example of socialism (workers own the means of production), not what you think socialism is.