One Big-Hearted Boss
In an age of multinational mergers and hostile takeovers, itÂ's not uncommon for employees to suffer company layoffs and cutbacks. But as CBS This Morning Co-Anchor Thalia Assuras reports, one big-hearted boss from Michigan is sharing his newfound wealth with every one of his 550 employees.
The Thompson-McCully Company has been building MichiganÂ's roads for 40 years. Founded by Bob Thompson in 1959, the business began with an investment of just $3,500, money that he and his wife had spent years saving.
Last week, Thompson sold the company for $422 million to a European builder. The sale followed a three-year search for a buyer that would not break up the business. And the workforce is finding it worth the wait, as Thompson is splitting $128 million from the sale with his 550 employees.
"For 40 years, we've asked the people to go out and perform as good or better than our competition, and they've done that," says Thompson. "Whether everybody does it or not, it is the right thing for us to have done, and these folks have earned it. And they deserve it."
The money will be distributed according to seniority, and even some former employees and the families of deceased former employees will receive an endowment. The bonuses will come in the form of a check, or an annuity certificate to be cashed upon retirement.
"He said work hard and work smart and good things will happen," says employee Gregg Campbell, who started with the company as a flagman in 1975. "And although you believe that, intellectually, when the time comes and the good things happen, it is a complete shock to the system. I saw that on the faces of a lot of people as I helped pass out checks."
Since then, Campbell has worked his way up to laborer, to jackhammer operator, to plant manager, and finally to chief financial officer. With a wife and three children, he plans to save his money for retirement, and continue working at Thompson-McCully.
Thompson also will continue working, and although heÂ's uncertain about his future plan, he is sure of his goal.
"We're talking about some charities and funds and so forth," says Thompson. "I hope to stay here for a few years yet. Of course, at my age, you never know. The new owner wants me to stay, and they're in tune with what we believe is important in life. As long as I can have fun, I'll stay here. When I don't, I'll have to move on."