NEXT Employees Are Set to Receive a Bonus, Courtesy of their CEO
CEO of NEXT, Lord Wolfson, has decided to give away a bonus worth GBP2.4 million to the retailer's employees. People who have been in the clothing retailer's employment line-up since 2010 will each get around GBP124.
- (1888PressRelease) April 23, 2013 - NEXT is one of the UK's biggest clothing retailers, and like other businesses in the rest of the country, it has also suffered through some rough times in the past few years. However, it has done extremely well despite the country's economic problems, and its revenues even increased about 3.1%, which in turn caused its shares to rise to almost 55%.
In an official email from Lord Wolfson to his staff, he announced that the GBP2.4 million bonus he is set to receive this year will instead be given to NEXT's employees. However, only those who have been with the store since 2010 will take home a part of that bonus. More than 19,000 employees are set to get the said bonus. Meanwhile, aside from the bonus, Wolfson also got a salary increase of about 13%.
Next's CEO announced that the employees who are set to receive the bonus will probably get them along with their July pay. The amount the employees will receive is about 1% of their total salary, which would be an additional perk for them, since they got a pay rise last year as well.
In Wolfson's email, he stated, "Three years ago the Next PLC board awarded me an incentive scheme called a Share Matching Plan (SMP)." He further wrote, "The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected. As I am a shareholder, I have also greatly benefited from the increase in our share price." Then he added, "So this year, instead of accepting this reward, I have asked the Board if they will share it out between all the people who have worked for the company during the three year SMP qualifying period. You, and all employees who have been working at Next since June 2010, will be included."
Wolfson also mentioned in the email that he hopes their employees will accept the bonus as a expression of gratitude and appreciation from the company. He said it is for the hard work and commitment they have given to Next over the past three years and through some very tough times. He further said that he is thankful for the help everyone in the company has pitched in throughout the recession.
The announcement of the bonus was released along with the retailer's annual report, which showed the company's great performance amidst the struggling retail industry and the country being in recession last year.
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