CEO of American company paid employees $240 million in bonuses after selling business
Fibrebond CEO Graham Walker ensured that hundreds of the company's employees directly benefited from the sale of his Louisiana business.
Fibrebond CEO Graham Walker ensured that hundreds of the company's employees directly benefited from the sale of his Louisiana business.
Before agreeing to sell Eaton for $1.7 billion, Walker allocated 15% of the proceeds to the company's 540 full-time employees, Dexerto writes .
The move created a $240 million bonus fund, which began paying out in July. Employees are expected to receive an average of about $443,000 each over the next five years, provided they remain with the company. The more senior an employee is, the higher the payouts will be.
Walker said the move was a way to thank employees for their dedication during a difficult time for the company. “I hope when I’m 80, I get an email saying how this decision changed someone’s life,” he said.
Fibrebond was founded in 1982 by Walker's father, Claude Walker. The company manufactures enclosures for electrical equipment and later expanded significantly into data center infrastructure.
A $150 million investment in 2020 has fueled the company's rapid growth amid a surge in demand for AI data centers. Sales are reportedly up about 400% over the past five years.
The news of the bonuses reportedly caused a storm of emotions among the team. Some used the money to pay off debts, others invested it in retirement savings or finally went on vacations that they had been putting off for years. According to People, due to the huge size of the payments, some employees initially thought it was a joke.
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