TMC Transportation, which has been a private, family-owned company for 41 years, announced last week it is transitioning to an employee stock ownership plan and becoming an employee-owned company.
TMC’s ownership transition to an employee-owned company is the result of CEO and Founder Harrold Annett’s desire to establish a succession plan that maintains the culture of TMC, while rewarding its employees, the company said.
“I have been approached many times with the opportunity to sell TMC,” Annett said.” What I realized in contemplating selling the company is that it would result in a change to the culture that we have all worked hard over these years to create. The only way to make sure our culture endures is to put TMC into the hands of the people who take the most pride in our culture. And that is the employees.”
Shares in the company will be distributed to all employees at no cost. Harrold Annett will remain the majority owner of the shares.