The head of British clothing retailer Next has elected to donate his entire annual bonus to the company’s employees.
The bonus — £2.4 million, or $3,671,000 — will mean that each of the company’s 19,400 employees will receive about a 1% of their pay, The Daily Telegraph reports.
In an email, CEO Lord Wolfson told employees that he wished to make a “gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times.”
The bonus comes about as a part of a share-matching plan that Wolfson began working under in 2010. The near-doubling of the company’s shares since that time led the generous CEO to extend his good fortune to his workers.
“I remain very grateful for the way in which everyone has helped to navigate our business through this recession,” Wolfson said.
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