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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School headmaster arrested for beating student
Sultanpur (UP) (PTI): Police arrested a primary school headmaster on Saturday for allegedly beating a Class 1 student with a stick.
The incident took place on Friday at a primary school in Tikaria Pure Hela village under the Kudwar police station area in Sultanpur, police said.
The victim, identified as Shivansh, is a Class 1 student at the school.
According to the student, a dispute arose between him and his classmate Saurabh.
As the argument escalated, Saurabh called his mother to the school. Based on her complaint, the headmaster allegedly beat Shivansh with a stick in the afternoon, the student said.
Shivansh's father, Vikas Sharma, resides in Lucknow, and the child is currently living with his maternal grandparents in Tikaria village for his studies.
Circle Officer (City) Saurabh Samant said police registered a case against the accused headmaster following a complaint. "A case was lodged, and the accused has been arrested. Further legal proceedings are underway," he said.
