Real-Life Santa Claus Gives Away $240 Million

A former CEO in Louisiana wouldn't budge on his one major requirement if he were to sell the family business.

Earlier this year, Graham Walker was fielding offers to sell Fibrebond, "the nation's leading manufacturer of complex electrical modules used in the data center, industrial, and utility sectors," according to the company's website. Walker's father founded the company in 1982 with only a dozen employees building shelters for telecom equipment.

In the decades since, the company nearly collapsed. Twice.

Fibrebond burned to the ground in 1998. In the early 2000s, Fibrebond maneuvered economic headwinds stemming from the dot-com bust.

Walker and his brother ultimately took over operations and turned the company around, largely due to its focus on electrical modules, which later saw a massive boom during the pandemic.

Fibrebond Draws Acquisition Interest But ...

As first reported by The Wall Street Journal, Walker started drawing acquisition interest. But his one golden rule: the company that acquired Fibrebond had to set aside 15 percent of the proceeds for his 540 full-time employees.

What's interesting is that, according to The Journal, none of the 540 full-time employees owned any company stock. But Walker was adamant. As the outlet goes on to report, advisers told Walker that such a stipulation would complicate matters, or worse, dissipate any interest in anyone buying Fibrebond.

But Walker didn't budge. Not one bit.

He stuck to his guns, and the move literally paid off.

Walker's Company Gets Acquired

Eaton, an intelligent power management company founded in 1911 and serving customers in more than 160 countries, agreed to Walker's stipulation and acquired Fibrebond in April for a whopping $1.7 billion.

The final figure meant Walker could give away $240 million.

The Wall Street Journal reports that each of Walker's 540 full-time employees received six-figure bonus checks, averaging some $443,300 per employee.

A Life-Changing Bonus

Employees who had been with the company longer received a bigger slice. The Wall Street Journal reports that the surprise bonus for one 67-year-old assistant manager meant they could immediately retire.

Another employee, 51-year-old Lesia Key, paid off her mortgage and opened a fashion boutique. She's been with the company for nearly three decades. The Journal reports Key started with the company in 1995, earning $5.35 per hour.

Employees also purchased cars, paid down credit card debt, invested, funded college tuition, and one employee even took their extended family on vacation to Cancun, Mexico.

Money, it does the body good.