In a rare show of worker appreciation, all 2000 employees of Chobani have been given an ownership stake in the successful Greek yogurt company. Many will become richer by hundreds of thousands of dollars. Others, by millions.
Founder and CEO Hamdi Ulukaya handed out white envelopes to his workers yesterday containing information about their shares. In all, he gave away more than 10 percent of his company in stock that can be cashed in when Chobani is sold or goes public.
“I’ve built something I never thought would be such a success, but I cannot think of Chobani being built without all these people,” Ulukaya told NYT. He founded the company in 2005 on an $800k loan from the Small Business Administration. Chobani was last valuated two years ago at between $3 billion and $5 billion.
The shares were doled out according to tenure; that is, employees who’ve been with Chobani longer received commensurately more shares. As NYT reported, if the company were to sell for $3 billion, the average employee payout would be $150,000. Some company vets may see over a million dollars when it comes time to cash out.
Ulukaya himself came to the U.S. from Turkey with just a few grand to his name. Today, Forbes estimates his personal net worth at $1.89 billion.
It’s not the first time Ulukaya has gone into his own pocket or prioritized the well-being of others. He signed the Giving Pledge in 2015, promising the majority of his wealth to refugee assistance (via his Tent foundation). He gave $2 million directly to Iraqi and Syrian refugees fleeing ISIS, and routinely provides jobs to people who have been displaced by conflict. He’s also an outspoken supporter of increasing the minimum wage.
Ulukaya has told CNN he feels corporations should stand up when government fails.
“There’s enough wealth, there’s enough knowledge there, there’s enough technology — there’s enough of everything,” he said. “We just have to act faster.”
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