Yang Yuanqing, CEO of Lenovo Group Limited, will reportedly share his $3.25 million annual bonus with around 10,000 staff in 20 countries including China.
In a memo to workers, Senior Vice President of Human Resources, Gina Qiao, confirmed that Lenovo workers will be paid this month for their immense contribution. Jeffrey Shafer, spokesperson, also confirmed the total bonus amount to stand at $3.25 million.
Angela Lee, Lenovo’s Spokesperson in Hongkong, said that out of the 10k employees 9,000 are based out of China and the remaining are from U.S, Japan and other countries. According to the company’s website, there are around 30,000 workers working for Lenovo worldwide.
During the last fiscal year, Lenovo’s revenue stood at $34 billion resulting in record high profits of $653 million. Though the sum shared may be a small one, but it is almost a month’s pay for the 85% workers working in China. As per company’s Annual report, last year, Yang was paid a bonus of $4.23 million with $8.94 million as long term incentive reward.
Yang is not the only one to share bonus with workers and other Executives who shared their bonus with their workers include Oleg Deripaska of United Co. Rusal, world’ largest aluminum manufacturer gave $3 million bonus to 120 employees in 2012. Simon Wolfson of U.K.’s cloth retailer company, Next Plc, also shared his bonus of $3.7 million with company’s 19,400 staff in April.[Source: Bloomberg]