CEO gives workers bonus: The CEO of a British clothing firm said he would donate his entire annual bonus to his workers.
CEO Lord Wolfson, who is head of retailer Next, is due to receive more than $3.6 million, according to the Daily Telegraph. It means that each employee at the company will get around a 1 percent increase in their pay.
Wolfson said in an e-mail that he is doling out the bonuses as a “gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times,” according to the paper.
“I remain very grateful for the way in which everyone has helped to navigate our business through this recession,” he added.
He continued: “The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected. As I am a shareholder, I have also greatly benefited from the increase in our share price,” according to the Metro.
Next shares rose by 55 percent during the financial year, according to the Metro.
Wolfson was praised for his generosity and others hoped that other company executives would follow suit.
However, Deborah Hargreaves of The Guardian newspaper wrote that CEOs probably will not follow Wolfson’s example.
“We need to see employees elected to boards and remuneration committees to break up the cosy club of directors who set each others’ pay,” Hargreaves wrote. “This is the only way to turn Wolfson’s gift into more than a one-off gesture.”