What now for CEO who said he'd fire employees if Obama reelected?

November 9, 2012, 11:38 am Frederick E. Allen Yahoo!7

CEO who said he'd fire employees if Obama was reelected decides instead to gives everybody a raise instead.


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I reported a month ago that David Siegel, the chief executive of Westgate Resorts, a timeshare company, had sent a letter to his employees telling them that they’d better think twice about who they voted for, because if Barack Obama was reelected he might fire some of them, because “my motivation to work and to provide jobs will be destroyed, and with it, so will your opportunities.”

Well, now that Obama has been reelected, how has Siegel responded?

The billionaire, who is also famous for attempting to build the biggest home in America, a 90,000-square-foot, $100 million mansion, has flip-flopped.

He was interviewed by BloombergBusinessWeek yesterday and said that right after the election he had given all his employees a raise.

Asked first if he’d be laying any of them off, he said, “I don’t know,” but then he added, “I’m going to work my hardest to keep the company going and expand the best I can. We’ll see what happens. Meanwhile I gave everybody in the company a raise this week—the average was 5%.”

Why did he do that? “I wanted to help them handle the additional burdens the government will put on them.” There. It’s President Obama’s fault.

Still, he’s sounding an awful lot more upbeat than earlier. He told Bloomberg, “I sent everyone a nice letter today telling them I’m going to work my butt off to keep things going. I wish them well. I told them how important they are to me and I hope things are going to be better than I expect. I don’t want to fulfill my own prophecy.”

Read his interview with BloombergBusinessWeek here.

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