Top Brands Distribution Boss: Layoffs Wouldn't Have Made Any Sense

05.05.2011 ZF English

Wael El Ghadban, one of the three biggest Lebanese investors in Romania, who controls Top Brands Distribution, with turnover worth above EUR320 million, says the biggest income of an employee in his company stood at several tens of thousand euros per year, similar to the pay packages received by top managers.

"Half of the company's expense budget consists of salary expenses. The gross monthly average salary at the company stands at EUR1,000 (EUR700 net), sales bonuses included."

The group run by El Ghadban employs around 600 people. El Gadhban says he did not need to take restructuring steps, considering that all the 2010 losses will be recouped this year and it would not have made any sense for him to operate layoffs and have to hire new people and train them again after just several months.

Wael El Ghadban owns 50% in Top Brands Distribution, with the rest of shares belonging to Brightlane firm. After the completion of some projects, the company may be listed on the Bourse.