Future FinTech Group Inc. (NASDAQ: FTFT; the “Company”), a financial technology company and integrated producer of fruit-related products, today announced that on December 16, 2020, the Company optimized its executives and implemented one-dollar annual salary. This milestone is a major move for FTFT on its mission to maximize the profits for its stakeholders, employees and even the whole society.
“People in my team are professional managers who believe in the prospect of the company as well as our own capabilities, so we are willing to abandon the fixed salary; instead, we chose to strive for greater compensations by making it 100% performance based,” said Huang Shanchun, the CEO of FTFT. “the one-dollar policy actually comes from our confidence and trust in the company. It has nothing to do with entrepreneurial spirit or the company’s financial strength, as expected by outsiders.”
From Mr. Huang’s words, the one-dollar policy is a thoughtful decision. Public opinions have actually been quite divided on one-dollar salary policies during the last few years. Some argues that it is just propaganda or a sign of financial stress, while others think that it represents entrepreneurial spirit. Moreover, some people even hold that it is merely a way to avoid tax. However, Huang believes that the policy can be a financial spur. He compares a fixed salary to a tempting but small cake with which employees will lose their momentum to create a bigger cake.
The famous cake pursuer Mark Zuckerburger is paid one dollar with no bonus, and he has earned more than $28 billion through share options and incentive plans. Similarly, Jack Ma has not taken a penny for 20 years, and he earns more than 6.5 billion yuan in a single year from one of his companies Alibaba. Indeed, these executives with one-dollar salary have been keeping their ambitions for millions, billions or even trillions of dollars.
One-dollar annual salary has been adopted from time to time among big-time CEOs, but FTFT still stands out because the policy is implemented on all its senior executives, which is rarely seen anywhere in the world. These include Pan Weicheng, the chief strategy officer, a renowned mentor for Chinese entrepreneurs, Sean Liu, the new chief operating officer who used to work for UBS. They are bringing their experience in fintech to help achieve FTFT’s goal.
This news comes in the wake of many recent initiatives and accomplishments of the company, including the inauguration of Mr. Huang Shanchun and transformation of FTFT. FTFT has made its glorious U-turn since Huang’s inauguration.
Huang used to be the vice president of Geely Automobile Group, one of the world’s top automobile manufacturer. Under the leadership of Huang, Geely burgeons through a series of mergers and acquisitions in UK, Sweden, Australia, Hong Kong, and Malaysia. In its acquisition history, the original small private enterprise Geely even acquired some renowned business giants. It is reasonable to believe that Mr. Huang with his team will rebuild a Geely-like glory and make FTFT a greater success.
After Mr. Huang takes office, the Company has evolved from a traditional juice company into a spotlight fintech corporation and become more globalized through a series of mergers and acquisitions. In only a half year, the company’s stock price has been nearly ten folds.
The tremendous development of FTFT has attracted numerous talents from afar and remain appealing for more personnels. As a Chinese saying implies, the capable person will choose the best place to fulfill his ambition. Therefore, Mr. Huang Shanchun and his team choose to settle down in FTFT. It can be predicted that more talents will join the team and add further radiance and glory to it (Written by Futi Han).
To learn more about Future FinTech Group Inc. and its one-dollar policy, click here http://ftftex.com/index_cn.html