Lenovo chief gives his $3m bonus to lower-paid workers

External link for article AND comments : http://www.zdnet.com/lenovo-chief-gives-his-3m-bonus-to-lower-paid-workers-7000001285/


Summary: Yang Yuanqing, the Chinese PC manufacturer's chief executive, has parcelled out a $3m bonus that he was given for achieving record results to employees in Lenovo's call centres and production lines

By David Meyer | July 20, 2012 -- Updated 11:02 GMT (12:02 BST)

Lenovo's chief executive has given a $3m bonus he received for bumper results to thousands of the computer manufacturer's lower-paid workers, reports say.

Yang Yuanqing had been given the extra cash on top of his usual bonus in May, following record results that accompanied Lenovo's ascension to the number-two PC-maker spot, just behind HP. On Thursday, a Chinese report  stated that Yang had distributed the money among 10,000 workers, such as those in Lenovo's call centres and on its production lines.

The 'Yuanqing rewards' averaged out at 2,000 yuan, or $314 (£200), which is slightly less than a month's salary  for many workers in China's technology manufacturing plants.

According to CNN , Yang's total earnings for the fiscal year that ended in March amounted to $14m.

Analyst figures suggest Lenovo is primed to sell more computers than HP within the coming months, albeit at a lower profit margin.

While Lenovo has been around for almost three decades, it has become a prominent brand in the West since 2005, when it bought IBM's PC business, including the lucrative ThinkPad line.

Topic: Lenovo

Ascend IT Comment
This is a wonderful story that many people applaud (read comments off external link at top of this page).  The Chief Executive hit all his sales and growth targets and was royally rewarded.  You can argue about the vast sums of money and the business ethics being given to those at the higher levels of management in relation to those working at base level within corporations, Yang's earnings for the fiscal year ending March amounted to $14m after all.

BUT, the fact remains that Yang didn't have to hand over any of his entitled bonus and the fact that he has generously pieced out his bonus to those at the pressure end of the company shows a compassion and great business promotion opportunity in these tough economic times.

I bought a Lenovo laptop for a client last week because of their solid build, stylish look and feel and their great prices.  I am happy I did so.  Furthermore, Lenovo will now be top of my list for future purchases because of the actions of Yang in these times of greed, corruption and executive lavishes.  Well done Yang Yuanqing!