A Louisiana factory boss rewarded his long-term employees with six-figure bonuses after selling his company for $1.7 billion.
As reported by the Wall Street Journal on Wednesday, Graham Walker, then-CEO of manufacturing and engineering firm Fibrebond, earmarked 15 percent of the proceeds for his 540 full-time staff, ensuring that each would receive payments averaging $443,000 spread over five years.
Employees who spoke to the Journal described the bonuses as life changing. Recipients used the initial installments of their five-year payout to pay down debts and mortgages, contribute to college and retirement funds, and even open businesses of their own.
That’s a hell of a lot better than a severance, 440k per employee over 5 years? In Louisiana that’s a shit ton
Both-Mango1 on
How it should be, as the ones who do the work should get some of the spoils.
twojs1b on
Recirculation of wealth back into the economy makes our country strong. Hoarding wealth to play stock market and pay dividends to people that never got their hands dirty is our current environment.
AlanStanwick1986 on
In 2018 the 4th generation owners (two brothers) sold the company for 3.15 billion. These guys were already billionaires. They didn’t give any of us 1700 employees a penny.
5 Comments
By Hugh Cameron — US News Reporter |
A Louisiana factory boss rewarded his long-term employees with six-figure bonuses after selling his company for $1.7 billion.
As reported by the Wall Street Journal on Wednesday, Graham Walker, then-CEO of manufacturing and engineering firm Fibrebond, earmarked 15 percent of the proceeds for his 540 full-time staff, ensuring that each would receive payments averaging $443,000 spread over five years.
Employees who spoke to the Journal described the bonuses as life changing. Recipients used the initial installments of their five-year payout to pay down debts and mortgages, contribute to college and retirement funds, and even open businesses of their own.
Read more: [https://www.newsweek.com/factory-boss-gives-workers-240-million-in-surprise-bonuses-11271751](https://www.newsweek.com/factory-boss-gives-workers-240-million-in-surprise-bonuses-11271751)
That’s a hell of a lot better than a severance, 440k per employee over 5 years? In Louisiana that’s a shit ton
How it should be, as the ones who do the work should get some of the spoils.
Recirculation of wealth back into the economy makes our country strong. Hoarding wealth to play stock market and pay dividends to people that never got their hands dirty is our current environment.
In 2018 the 4th generation owners (two brothers) sold the company for 3.15 billion. These guys were already billionaires. They didn’t give any of us 1700 employees a penny.