Employees at a Louisiana factory got mind-boggling bonuses after their boss sold the company earlier this year.
Now former CEO of Fibrebond, Graham Walker, said he would not agree to sell if the buyer, Eaton, failed to earmark a percentage of the proceeds for those workers, the New York Post reported Thursday.
However, Eaton eventually acquired Fibrebond for $1.7 billion which meant each of Walker’s 540 full-time workers, who did not own stock, got bonus checks totaling $240 million.
The payouts averaged $443,000 per worker over five years.
In a letter to his team posted in April, Walker said, “A year of hard work and thoughtful consideration…
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