A Louisiana factory chief proved to be a real-life Santa Claus — giving each of his 540 full-time employees six-figure bonus checks totaling $240 million.
The generous gesture came after the benevolent boss sold the company for $1.7 billion.
Graham Walker, the now-former CEO of Fibrebond, told The Wall Street Journal that he would not agree to sell his company if prospective buyer Eaton did not earmark 15% of the proceeds for its employees — even though none of them owned stock.
The deal, which was completed earlier this year when Eaton acquired Fibrebond, triggered payouts to 540 full-time workers, averaging about $443,000 per worker spread over five years.
Long-tenured employees received far more, according to The Journal.
Hats off to Graham Walker. Most companies won’t evan pay their employees a living wage.