Instead of laying off his employees like he threatened to do if President Obama was re-elected, CEO David Siegel has treated his workers to a 5 percent pay raise. Last week, Siegel presented his employees with the increase after his company, Westgate Resorts, had a profitable year.
In the weeks leading up to the 2012 election, Siegel sent an email to his 7,000 employees stating that if the current administration remains in power for four more years and "if any new taxes are levied on me, or my company, as our current president plans, I will have no choice but to reduce the size of this company."
In a phone interview with CNN, Siegel maintained that he never threatened to lay off employees. However, he added that Obama's re-election and the president's health plan has forced him to reconsider plans for expansion.
"I hope I can maintain our profits," he said. "We're not going to be hiring people or expanding. But my goal now instead of growing is getting out of debt and staying profitable."
BET National News - Keep up to date with breaking news stories from around the nation, including headlines from the hip hop and entertainment world. Click here to subscribe to our newsletter.
(Photo: Courtesy of Westgate Resorts)
TRENDING IN NEWS