US businessman shares ₹2,155 crore bonus with employees after company sale
Washington: An American businessman has drawn global attention after distributing nearly ₹2,155 crore (about $240 million) in bonuses among his employees following the sale of his company, in a rare instance of wealth-sharing in corporate America.
Graham Walker, 46, former chief executive officer of electrical equipment enclosure manufacturer Fibrebond, ensured that the company’s roughly 540 employees directly benefited from its sale to Eaton Corporation earlier this year for ₹15,265 crore (around $1.7 billion). Despite employees not holding any company stock, Walker insisted on allocating a share of the proceeds to them before finalising the deal.
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According to a Wall Street Journal report, Walker refused to proceed with the sale unless prospective buyers agreed to reserve 15 per cent of the total proceeds for employees. The payouts were triggered in June and are being distributed over five years, averaging approximately $443,000 per employee.
Several employees initially believed the announcement was a joke. Later they used the money to clear debts, buy vehicles, pay for higher education or strengthen their retirement savings.
Lesia Key, who joined Fibrebond in 1995 at the age of 21, said the bonus had transformed her life. Having started at an hourly wage of $5.35, she rose through the ranks and was, by early this year, leading a team of 18 people and overseeing facilities spanning 254 acres. “Before, we were going paycheck to paycheck. I can live now; I’m grateful,” she was quoted as saying.
Responding to questions on NBC show, about whether the Walker family considered distributing an even larger share, Walker said placing “close to a quarter-billion dollars in employees’ hands felt fair”.
Founded in 1982 by Walker’s father, Claud Walker, along with 11 others, Fibrebond weathered multiple crises over the decades, including a major factory fire in 1998 and the collapse of the dot-com bubble. Employees, the report noted, remained with the company through difficult periods. In later years, Fibrebond made a significant $150 million investment to expand its capacity to build infrastructure for data centres.
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Karnataka leads in AI: Minister Priyank Kharge at Impact Summit
Bengaluru (PTI): Minister Priyank Kharge on Wednesday highlighted the state’s leadership in AI and deep technology while engaging with global industry leaders and startups at a four-day summit held in New Delhi, officials said.
During the event, Priyank witnessed the signing of a strategic MoU between H Company and St John’s Medical College & Research Institute, Bengaluru, to pilot advanced enterprise AI for hospital operations and workflow automation, strengthening responsible AI in healthcare, the minister’s office said in a statement here.
Speaking on the sidelines of the India AI Impact Summit, the minister said Karnataka is ahead of the curve in AI.
“We are already home to leading global AI players such as Harvey AI and Anthropic, and The Walt Disney Company is expanding its AI network in Bengaluru,” he added.
Noting Bengaluru’s position among the top global cities for AI talent, he added, “Under our DeepTech Decade, we are supporting startups with grants of up to Rs 1 crore. We are engaging with global leaders and innovators to ensure responsible AI use, build the right skill sets, create strong incubators, and establish Centres of Excellence that can foster startups and strengthen e-governance.”
The minister also attended a roundtable organised by the US-India Business Council (USIBC), where discussions focused on strengthening technology collaboration, investment partnerships, and innovation-led growth between Karnataka and global enterprises.
He met Timo Harakka, Member of Parliament of Finland, to explore possibilities for collaboration between Karnataka and Finland in AI and deep-tech sectors, including joint research, innovation partnerships, and startup exchanges.
The Karnataka IT Minister also visited the Indian Army showcase at the summit, which featured advanced AI-driven defence and strategic technology applications, highlighting the role of AI in national security and modernisation efforts.
He toured the Karnataka Pavilion and the ArtPark Pavilion, interacting with founders and teams from Karnataka’s innovation ecosystem and reviewing emerging AI and deep-tech solutions, the statement added.
