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| CEO of Chinese phone company says he'll give £750m bonus to charity | CEO of Chinese phone company says he'll give £750m bonus to charity |
| (about 1 hour later) | |
| The billionaire founder of the Chinese smartphone firm Xiaomi has been handed bonuses worth £750m, but has pledged to hand the windfall to charity. | The billionaire founder of the Chinese smartphone firm Xiaomi has been handed bonuses worth £750m, but has pledged to hand the windfall to charity. |
| Xiaomi, which recently began selling phones in the UK, gave its founder-chair Lei Jun 639.6m shares despite a disappointing float on the Hong Kong market last July. | |
| Despite a slide in its share price, the company said it had given its chairman a bonus worth £739m “to reward Lei Jun for his contribution to the company” in 2018. | Despite a slide in its share price, the company said it had given its chairman a bonus worth £739m “to reward Lei Jun for his contribution to the company” in 2018. |
| He was also awarded a much smaller package of share options in Xiaomi Finance, which lends to Xiaomi consumers, which the company said was worth £11.7m. | He was also awarded a much smaller package of share options in Xiaomi Finance, which lends to Xiaomi consumers, which the company said was worth £11.7m. |
| The combined payouts mean Lei was given a sum approaching the smartphone company’s entire net profit for 2018, which was 8.6bn yuan (£980m). Xiaomi said: “To the knowledge of the company, upon receipt of the relevant shares, Lei Jun promised to donate all the relevant shares after deducting any tax payable for charitable purposes.” | The combined payouts mean Lei was given a sum approaching the smartphone company’s entire net profit for 2018, which was 8.6bn yuan (£980m). Xiaomi said: “To the knowledge of the company, upon receipt of the relevant shares, Lei Jun promised to donate all the relevant shares after deducting any tax payable for charitable purposes.” |
| The vast payout is thought to be one of the largest ever payments made to a company executive. | The vast payout is thought to be one of the largest ever payments made to a company executive. |
| Denise Coates, the multibillionaire founder and boss of the gambling firm Bet365, paid herself £265m for the year to March 2018, in a record-breaking pay deal for the chief executive of a British company that was branded “obscene” by critics of high pay. | Denise Coates, the multibillionaire founder and boss of the gambling firm Bet365, paid herself £265m for the year to March 2018, in a record-breaking pay deal for the chief executive of a British company that was branded “obscene” by critics of high pay. |
| Apple’s chief executive, Tim Cook, was paid $102m in 2017 after collecting a share bonus linked to the iPhone maker’s stock market performance. | Apple’s chief executive, Tim Cook, was paid $102m in 2017 after collecting a share bonus linked to the iPhone maker’s stock market performance. |
| But all these payouts could be dwarfed by an incentive scheme on offer to Tesla’s owner-founder | But all these payouts could be dwarfed by an incentive scheme on offer to Tesla’s owner-founder |
| Elon Musk would become the richest man in the world if an extraordinarily ambitious new incentive scheme pays out. The 46-year-old entrepreneur, who is already a multi-billionaire, has agreed to work unpaid for the next 10 years – after which he would collect a $55.8bn (£40bn) bonus if he builds the 14-year-old business into a $650bn company within a decade. | Elon Musk would become the richest man in the world if an extraordinarily ambitious new incentive scheme pays out. The 46-year-old entrepreneur, who is already a multi-billionaire, has agreed to work unpaid for the next 10 years – after which he would collect a $55.8bn (£40bn) bonus if he builds the 14-year-old business into a $650bn company within a decade. |
| Xiaomi | Xiaomi |
| Smartphones | Smartphones |
| Mobile phones | Mobile phones |
| Hong Kong | Hong Kong |
| China | China |
| Executive pay and bonuses | Executive pay and bonuses |
| Asia Pacific | Asia Pacific |
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