A long-held dream of Chemonics founder Tony Teele, our transition to complete employee ownership reinforces our commitment to our employees and represents the drive and enthusiasm they have brought to their work since our founding.
Already a central part of our identity, our employee stock ownership plan, or ESOP, codifies many of the existing elements of our ownership culture, in particular transparency and open communications. As owners, employees are able to affect the course of the company and enjoy the benefits of success.
Indeed, full employee ownership represents a valuable benefit to staff. For those employees who are eligible to participate, it is an important component of the company benefits package, offering a retirement fund that grows as the company grows.
Most importantly, though, our employee stock ownership plan reaffirms our continuing dedication to our development mission of helping people live healthier, more productive, and more independent lives.