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Lenovo Chief Yang Shares Bonus With Workers A Second Year

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http://www.bloomberg.com/news/2013-09-01/lenovo-chief-yang-shares-bonus-with-workers-for-second-year.html

Lenovo Group Ltd. (992), the biggest personal computer maker, said Chief Executive Officer Yang Yuanqing will share at least $3 million of his bonus with workers for a second straight year after posting record sales.

About 10,000 workers will get payments this month to recognize their contributions, Gina Qiao, senior vice president of human resources, said in a memo to some workers. The memo was confirmed by spokesman Jeffrey Shafer, who said the total payment will be about $3.25 million.

Lenovo posted revenue of $34 billion and PC shipments of 52.4 million units in the 12 months ended March 31 as the company gained market share and expanded sales of smartphones and tablets. The 48-year-old Yang, who gave $3 million from his bonus a year earlier, led the company past Hewlett-Packard Co. (HPQ) in the June quarter.

..

The average payment of about $325 is almost equal to a month’s pay for a typical city worker in China. The average annual wage of urban workers at private companies last year was 28,752 yuan, the National Bureau of Statistics said in May. That’s equal to about $392 a month.

Yang was paid $14.6 million last year, including a bonus of $4.23 million and long-term incentive awards of $8.94 million, according to the company’s annual report. Yang holds about 744 million shares of Lenovo, or 7.1 percent of the company’s outstanding stock, as of the end of March, the report said.

Great bit of PR, I doubt any of our highly esteemed corporate troughers would dream of doing this.

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