CEO Earns $1B, Shares Huge Chunk Of It With Staff And Donates Yearly Salary to Frontline Workers
Imagine you’ve worked your butt off and it’s finally time for your big payday – what would you do with all that cash?
If you’re British businessman Matt Moulding, the 48-year-old CEO of beauty and health online retailer The Hut Group, you give a lot of it away.
Celebrating and rewarding his team
The Hut Group went public on the stock market in September and since then its value has soared. As a result, Moulding landed a gigantic £830 million ($1.1 billion) payout, according to Mirror UK.
But even before the company went public, Moulding decided to pay those who matter the most – his staff. He reportedly gave £21 million ($28 million) for his 7000 employees to share, which helped some staffers become multi-millionaires.
“No one in the scheme received less than a couple of hundred grand.”Matt Moulding
Moulding’s personal assistant was so happy with her haul of the profits that she retired at the age of 36.
“We are delighted with the market reaction to our IPO and that all of our shareholders are benefiting from the strong performance of the business,” a spokesperson for the company said.
“The equity scheme was put in place when THG was a private company, and we are delighted that over 200 THG staff have already shared in the scheme, worth around £200 million ($267 million) today.”
Supporting COVID-19 relief efforts
As for his own share of the profits, Moulding donated his entire £750,000 ($1 million) annual salary to charity and gave £10 million ($13 million) towards Covid-relief efforts. He’s also donated £2 million ($2.6 million) worth of PPE to frontline workers.
But Moulding has also used the money to enjoy the fruits of his hard work. He is the proud owner of a Lamborghini and likes to take his wife and four kids on lavish vacations to exotic destinations. He also makes time to take care of his body and has the muscles to show for it.
Of course, this success hasn’t come easy – Moulding is a dedicated business owner who starts every day at 6 AM sharp and drinks plenty of coffee throughout the day to keep himself going.
Pay yourself and others too
The old dictum of personal finance is “pay yourself first.” And that’s good advice – you worked hard, you deserve to invest in things that make your life better.
But, as Americans celebrate Thanksgiving this weekend, it’s crucial to also show appreciation for those who helped get you there, as well as use your position of privilege to help make the world a better place. And while “thank you” is great, giving back can be even better.
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