Former CEO turns real-life Santa Claus, shares Rs 2,000 crore bonus with employees after selling family business

A former chief executive in the United States has distributed a share of the proceeds from the sale of his family business among employees, handing out bonuses worth about $240 million, or approximately Rs 2,155.7 crore, to 540 staff members, according to a Wall Street Journal report.

Graham Walker, a Louisiana-based businessman, informed the outlet that the payouts were made as a gesture of gratitude towards employees who remained with the company through difficult periods. The distribution began in June, with the average bonus amounting to around $443,000 per employee. The payments are structured to be paid over five years, subject to the employee continuing with the organisation for the specified duration.

Walker said some employees initially believed the payments were a prank when the distributions began, while others reacted emotionally on realising the gesture was genuine. He informed the outlet that staff members used the money for a range of purposes, including paying off mortgages, reducing debt, purchasing vehicles, covering college tuition fees and building retirement savings.

The 46-year-old also said that some employees chose to spend the money immediately, adding that how the funds were used was entirely their decision.

One employee, who joined the company in 1995 on an hourly wage of $5.35 and now leads a team of 18 people, informed the outlet that she used the bonus to clear her home loan and fulfil a long-held ambition of opening a clothing boutique. She said the financial support had transformed her circumstances, allowing her to move away from living paycheque to paycheque.

Typically, employees receive substantial payouts during a company sale only if they hold equity in the business. Reports noted that what distinguishes Walker’s move is that the employees who benefited from the bonuses did not own shares in the company.