The following is an excerpt from an article originally published in The Wall Street Journal, featuring CoolIT Systems, KKR, and Ownership Works:
“The CoolIT deal will set a new record for payout multiples per salary for employees at KKR-backed companies, according to Pete Stavros, KKR’s global co-head of private equity.
The payouts are part of a program KKR has been rolling out across its portfolio companies that gives rank-and-file employees stock on top of their regular wages and benefits. The program is now available at 85 companies, affecting almost 200,000 workers, Stavros said. Despite fears that AI will lead to job losses, Stavros said in an interview that the Ecolab deal “has led to an amazing financial outcome for workers.”
Stavros has formed a nonprofit that KKR and other private-equity firms have joined to promote broad-based stock ownership at companies.”
Read the full article in The Wall Street Journal.
