The New York Times today reports that Moog Music owner & CEO Mike Adams has announced an employee ownership plan:
At the Moog synthesizer factory in Asheville, N.C., on Tuesday, Michael Adams, the company’s owner and chief executive, wanted to share some life-changing news with the entire staff.
“I’ve sold half the company,” he told them.
Anxious silence descended among the tight-knit group…. Then Mr. Adams revealed the buyer.
“I sold it to you,” he said.
According to the report:
- Workers will now own 49% of the company through an employee stock ownership plan:
- The company can buy out Adams’ remaining 51% stake over the next six years;
- Employees get vested in the plan over the first 6 years of their employment;
- Upon retirement, employees can cash out the shares they’ve accumulated; and
- Adams plans to devise a succession strategy during his remaining time at Moog.