The years 2010-2013 were tough for many retailers; because of the recession, consumers reined in their spending. Despite the tough times, Lord Wolfson, the CEO of British retailer Next, got his company through the tough times and earned a bonus of £2.4 million — about $3.6 million in United States dollars. He then gave the money back to his employees. An employee who has been with Next since June 2010 or longer will get one percent of their annual salary; for the average clerk, that will be $300. Mr. Wolfson said that giving the employees his bonus was “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.” Approximately 19,400 full-time and part-time Next staff will receive a part of the bonus. Mr. Wolfson said, “I remain very grateful for the way in which everyone has helped to navigate our business through this recession. The task of growing sales and controlling costs looks set to remain a challenge over the next few years. But if we continue with the hard work, intelligence, initiative, and common sense of recent years, then we have every chance of continued success.” From 2010 to 2013, the company share price nearly doubled.
For Further Information: Ashley Lutz, “CEO Donates His $3.6 Million Bonus To Employees.” Business Insider. 16 April 2013
http://www.businessinsider.com/ceo-donates-his-bonus-to-employees-2013-4#ixzz2Qoqqvcza
Also: Graham Ruddick, “Next chief executive Lord Wolfson donates £2.4m bonus to staff.” Telegraph (UK). 16 April 2013
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