The CEO of British retailer Next decided to donate his multi-million dollar bonus back to employees.
Lord Wolfson’s bonus was £2.4 million, or about 3.6 million U.S. dollars, Telegraph UK reports.
Employees who have been with the retailer since June 2010 or longer will get 1% of their salary. That means that the average clerk, who makes about $30,000, would get $300.
Wolfson called the act “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,” the Telegraph reported.
Next, a clothing and department store company, dealt with declining sales over the past several years as consumers reigned in spending.
But Wolfson was able to execute a turnaround, and today the store is doing great.
Perhaps his gesture will inspire other high-powered CEOs to do the same.
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