Double D Express recently began the process of becoming 100 percent employee-owned through an Employee Stock Ownership Plan (ESOP).
Double D Express, based in Peru, Ill., is a Midwest regional carrier servicing Illinois, Iowa, Wisconsin, Missouri and Kansas. The ESOP was implemented Jan. 1, and a board of directors was appointed. Company founder Gary Dahl says the employees have been willing buyers so far, and because of the broad-based ownership, Double D Express expects the ESOP to foster an understanding of each employee’s role and their effect on the future success of the company.
Information provided by the ESOP association indicates that in the transportation industry and beyond, more than 80 percent of ESOP companies reported having outperformed major stock indices in 2001, 2002 and 2003.