After 36 years in business, Chemonics is proud to announce that as of July 7, 2011, the company is now fully owned by employees. The transition to employee ownership is the realization of a long-held dream of Chemonics' founder Tony Teele and the Chemonics Board of Directors to reaffirm and ensure our lasting commitment to our mission.
"This is an extraordinary moment for Chemonics and all our staff," said Richard Dreiman, Chemonics president and CEO. "This milestone ensures that Chemonics will be certain our mission will remain the same, to help people live better, more productive lives."
At its most basic level, the transition to employee ownership fulfills the company's goal to maintain its core focus on its mission to help others lead better lives. Additionally, for those employees who are eligible to participate, employee ownership provides an important component of the company's benefits package, offering a retirement fund that grows as the company grows. In the end, the ownership transition provides the stability and security that Chemonics will continue to be operated in a manner consistent with the company's mission and values.
At a company event formally celebrating the transition, Barbara Teele, widow of Chemonics' founder Tony Teele and current board member, spoke to staff, noting, "As far back as I can remember, Tony wanted employee ownership for staff. I know he would be so proud that it is finally happening."
Other board members spoke at the event and thanked staff around the world for their efforts to ensure the positive financial performance required to make this ownership transaction occur. As always, the linked the company's strong performance to the important and meaningful development impact that is delivered as a result.
"We can fulfill this dream based on the performance of all the staff worldwide. They have delivered on our mission, on our commitment to our beneficiaries," said Chemonics Executive Vice President Susi Mudge.