AO World to reward staff with incentive plan
Around 3,000 staff at online electricals retailer AO World could share a £240 million bonus pot as part of a reward scheme unveiled by the group.
AO World, which has a major recycling centre in Telford, said its new scheme – called the value creation plan – would pay out bonuses to staff for share price rises above £5.23 a share – equivalent to a £2.5 billion stock market value and marking a rise of around 30% on current stock prices.
Executive bosses will share up to £20m in bonuses under the plans, although founder and chief executive John Roberts has pledged to donate any rewards he receives to help disadvantaged young people in the UK.
The scheme will be measured over a five to seven-year period, but the share price has to hit at least £9.41 for staff to get the full payout and the price must be maintained for at least a further two years.
Mr Roberts said: "The decision to create an opportunity for every AO employee to receive a meaningful reward for the value they create is one that I'm proud to tell my mum about.
"It is a vote of confidence in our people and the future we're building as well as the embodiment of our One AO model because it rewards the exceptional value that the AO team is capable of creating together."
