Israeli CEO Gives Up Bonus So Employees Will Be Rewarded
Written by: Aaron Katsman | March 3, 2009
So who says all CEO’s are bums? If you listen to those in the Obama administration you would think that being a CEO is worse than being a lawyer. Well there is an Israeli CEO, Eli Yones of Mizrahi Tefahot Bank, who may change the president’s mind. You see Mizrahi Tefahot Bank is actually quite profitable,and as such Yones was entitled to and deserved a very large bonus. Yet he decided to decline it so that his employees would receive it for their hard work.
According to Globes: “Yones said, “Continuing the bank’s profit trend and the ongoing improvement in its image and positioning as a stable, successful, and leading bank are the result of hard and goal-oriented work demonstrated by the bank’s employees last year. There is no doubt that they deserve appreciation and financial compensation for this. Nonetheless, we must not ignore the difficult economic reality and expectations that the recession will worsen in 2009.”Yones advises that Mizrahi Bank’s 2008 bonus budget be smaller than the bonus for the bank’s 2007 profits. The 2008 bonus should reflect the employees’ achievements as well as the economic crisis and public mood.As for his own bonus for 2008, Yones said, “In such times, I believe that the bonus budget should go entirely to the employees and managers of the bank.”
How about showing Yones some appreciation for his bold and selfless move?
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