Elsewhere online
April 27, 2016

Chobani Mogul Gives 2,000 Employees Stake in Yogurt Company

Hamdi Ulukaya, the billionaire founder and CEO of yogurt maker Chobani, announced Tuesday that he is giving his entire full-time work force of 2,000 ownership stakes in the firm that could make some long-term employees millionaires, writes The New York Times. The giveaway amounts to 10 percent of the 11-year-old company when it goes public or is sold, with each employee's share based on length of tenure.

Chobani was valued two years ago at $3 billion to $5 billion; at the minimum estimate, the average worker's stake would be worth $150,000. “I’ve built something I never thought would be such a success, but I cannot think of Chobani being built without all these people,” said Mr. Ulukaya, a Turkish immigrant and Giving Pledge signer and and one of the few wealthy philanthropists to publicly champion the cause of Middle Eastern refugees.

Read a Chronicle of Philanthropy article about Mr. Ulukaya's decision to devote his giving to refugee causes.