January 31, 2024
Stacy Witbeck Transitions to 100% Employee Ownership
In an effort to strengthen Stacy Witbeck’s commitment to its workforce, the company’s Board of Directors unanimously decided to transition to a 100% Employee Stock Ownership Plan (ESOP), moving from a hybrid ownership structure of 70% ESOP and 30% direct shares to full ESOP ownership.
This decision solidifies our dedication to our most invaluable resource: our exceptionally dedicated and talented employees.
Stacy Witbeck has operated with an employee-ownership culture for decades. That model has helped us remain independent while creating a workplace where the people responsible for our success can share in it.
The team at Verit Advisors, an outside financial advisory company assisting with the transition, was led by Jake Cravens, Managing Director. He states, "The transition to being 100% ESOP-owned was a great extension of Stacy Witbeck’s core values and its commitment to employee success...the final outcome [will] continue to support the company’s desire to remain independent while creating tremendous value for its employee-owners.”
In an increasingly transient industry, the employee-owned structure has allowed us to build a workforce of long-tenured, committed team members who are willing to go above and beyond to ensure the success our clients deserve.
We believe our employees should share in the success they help create for the company and for themselves.
While the ownership structure has evolved, our core principles remain the same. We will continue to take advantage of opportunities to compensate our employees and recognize their contributions to our growth.
CEO George Furnanz adds,
“Moving from a partial to a 100% ESOP is essential to remain a privately held corporation as we grow and look to the future.” As we navigate this exciting journey, we want to thank our employees for their support and our clients for their trust in our company’s vision for over 40 years.
For our clients and partners, the ownership structure reinforces something they have experienced on our projects for years: our people are invested.
We own the company. We own the work. And together, we’re building what comes next.