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CEO Makes $1.6 Million On Stock Market And Gives It To Employees

CEO Makes $1.6 Million On Stock Market And Gives It To Employees

'In my view, this is not a gift. You have earned it'

Amelia Ward

Amelia Ward

A CEO in the United States made $1.6 million (£1.3m) on the stock market because of recent volatility due to the coronavirus pandemic - and instead of adding it to his fortune, decided to share it among his employees.

Larry Connor, founder of The Connor Group, owns and manages 14 high-end properties and told his employees that the address was a 'pandemic update', before breaking the news.

Connor said. "I started to think about probably our most important core values: 'do the right thing' and 'people count'. I'm taking the entire $1.6m and dividing it up among all of you. In my view, this is not a gift. You have earned it."

His Ohio-based real estate company employs 400 members of staff, many of whom have continued to work during the threat of the coronavirus pandemic.

When the employees heard the news, their surprise was clear from the expressions on their faces, with some laughing and crying but most of them seemingly in shock at what they were hearing.

Employees couldn't believe the news.

"Larry, thank you so much. Oh my god. It's so appreciated," one employee said.

Another commented: "Yeah, that sounds like Larry.

A third said: "It has been an honour working here for this company. It really has. It really has."

The bonuses that will be distributed between his staff range from $2,000 (£1,600) to $9,000 (£7,200) and will only be awarded to 'non-highly-compensated' employees.

Staff were given the news via a company wide video call.

USA Today reported that one of the members of staff who was to be awarded a $3,000 (£2,400) bonus had left the restaurant industry after 23 years and joined The Connor Group in December.

Melissa Demoulin, manages a property in Sycamore Township, a suburb outside of Cincinnati. Her husband has not worked in six weeks due to the coronavirus pandemic and she has two young children.

She told the news outlet: "Just getting the news that he [Larry Connor] was doing that was a selfless thing. It's so caring and so thoughtful that he wanted to take care of his people.

"You can say everything in the world, but just by doing that, actions speak louder than words. To take care of his people speaks volumes."

Connor added: "We believe in leading from the front. And in trying times, that means more than just talking about the problem. It means taking action."

Hopefully, this kind action will spur others on to take better care of their employees as the coronavirus pandemic continues to paralyse economies around the world.

Featured Image Credit: ABC news/The Connor Group

Topics: US News