Lord Simon Wolfson, CEO of British clothing and department-store company Next, helped turn around the struggling retailer over the last three years.
Not only is Next now doing well — share prices have nearly doubled — so is he. But instead of keeping his whopping £2.4 million bonus ($3.75 million CAD), he's donating the small fortune to his 19,400 employees.
Next employees who have been with the retailer since June 2010 or before will receive a one-off bonus of 1 per cent of their salary with their July pay. For the average clerk, the bonus would be about $300.
In an email to his staff, Wolfson wrote:
"Three years ago the Next PLC board awarded me an incentive scheme called a Share Matching Plan (SMP). 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."
He continued, "So this year, instead of accepting this reward, IRead More »from Next CEO divides multi-million-dollar bonus among employees