CEO Graham Walker ran Fibrebond Corp., a family-owned manufacturing company in Minden, Louisiana that was founded by his father in 1982.
Earlier this year, Walker agreed to sell the company to Eaton, a large power-management and electrical products firm, for about $1.7 billion.
As part of that deal, he insisted that 15 % of the sales proceeds — roughly $240 million — be set aside specifically to be shared with his 540 full-time employees, even though most did not own stock in the business.
The payouts are structured so that workers receive an average of around $443,000 over the next few years, with the longest-serving employees receiving the largest shares.
This was not merely a year-end bonus, but part of the terms of the sale — a way for the owner to reward decades of loyalty and contribution from the people who helped build the business.
What a boss move!
Earlier this year, Walker agreed to sell the company to Eaton, a large power-management and electrical products firm, for about $1.7 billion.
As part of that deal, he insisted that 15 % of the sales proceeds — roughly $240 million — be set aside specifically to be shared with his 540 full-time employees, even though most did not own stock in the business.
The payouts are structured so that workers receive an average of around $443,000 over the next few years, with the longest-serving employees receiving the largest shares.
This was not merely a year-end bonus, but part of the terms of the sale — a way for the owner to reward decades of loyalty and contribution from the people who helped build the business.
What a boss move!
CEO Graham Walker ran Fibrebond Corp., a family-owned manufacturing company in Minden, Louisiana that was founded by his father in 1982.
Earlier this year, Walker agreed to sell the company to Eaton, a large power-management and electrical products firm, for about $1.7 billion.
As part of that deal, he insisted that 15 % of the sales proceeds — roughly $240 million — be set aside specifically to be shared with his 540 full-time employees, even though most did not own stock in the business.
The payouts are structured so that workers receive an average of around $443,000 over the next few years, with the longest-serving employees receiving the largest shares.
This was not merely a year-end bonus, but part of the terms of the sale — a way for the owner to reward decades of loyalty and contribution from the people who helped build the business.
What a boss move!
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