Lenovo’s CEO Yang Yuanqing could’ve kept $5.2 million bonus for his company’s very good year, but instead he distributed $3 million of it among 10,000 employees in the “lower decks”: production line workers, secretaries and assistants. The bonus average out to about $314 each, which according to the the Fair Labor Association works out to about a month’s wages for the company’s employees in China.
In case this sort of neo-Bolshevik employee-coddling redistribution-of-wealth class-warfare hoo-hah gets your Rand hackles a-twitchin’, keep in mind that Yang kept over $2 million of his bonus, and his total earnings for last fiscal year, salaries, incentives and other goodies totalled about $14 million. He’s not hurtin’.
For actually living the principle of profit-sharing, we at Global Nerdy (well, it’s just me, but hey) salute you, Mr. Yang, with a filet mignon on a flaming sword!
- The Verge: Lenovo CEO distributes $3 million personal bonus to production-line workers, other junior-level employees
- The Verge: Lenovo reports $29.6 billion in worldwide sales last fiscal year, 35 percent PC shipment growth
- Wall Street Journal: Firms Resist New Pay Equity Rules
- New York Times: CEO Pay is Rising Despite the Din
- Think Progress: Average Fortune 500 CEO Now Paid 380 Times As Much As The Average Worker