The continued success of Lenovo, which recently overtook HP to become the undisputed leader in the worldwide PC market, hasn't gone to CEO Yang Yuanqing's head.
Yang has decided to share about $3.25 million of last year's annual bonus with a little more than 10,000 company employees -- or roughly one-third of its workers around the globe, according to a memo from Gina Quiao, the company's senior vice president of human resources, that was distributed to some workers.
Yang also shared about $3 million of his bonus last year.
Lenovo is based in China but has a headquarters in Morrisville. Although the majority of the bonus money that Yang is sharing will go to the company's Chinese workers, a limited number of employees in Morrisville and a larger number at the company's new manufacturing plant in Whitsett, which is in Guilford County, will benefit, according to spokesman Ray Gorman.
"Our CEO’s decision is a very unique expression of the 'commitment and ownership' we talk about at Lenovo," Gorman said in an e-mail message. "This is not company money – it is money that was part of Yang Yuanqing’s cash compensation. It is money essentially out of his pocket that he is putting back into the company via the employee bonuses, and we are glad that local employees in both Morrisville and Whitsett will benefit."
Lenovo it employs 2,200 workers in Morrisville -- up from 1,500 at the beginning of 2010.
The bonus money, which is expected to be distributed later this month, is nearly equal to a month's pay for a typical worker in a Chinese city, according to Bloomberg News.
Yang's total compensation package last year, outlined in the company's annual report, was $14.6 million last year and included a $4.23 million bonus.