Company Implements Employee Stock Ownership Plan (ESOP)
Teksouth Corporation is excited to announce that it's now an employee-owned company.
The company's owners sold 51% of the company to the employees through an Employee Stock Ownership Plan (ESOP), which gives employees a personal stake in the company's success.
"We've always believed that taking care of our employees is the best way to take care of our clients. That philosophy has helped us become a great place to work," said Steve Wilsher, Chief Executive Officer. "Adding the ESOP takes that approach further by allowing us to help care for our employees and their families
in the future."
An ESOP is a retirement plan that's invested in the company's stock. Over time, the company funds the ESOP and employees can have a direct impact on the business' performance and the value of the stock. This creates value in their ESOP account that they can benefit from in the future. "With employees more personally connected to our company, they are rewarded in the ESOP when our clients succeed," said Staff Ouderkirk, President. "We're excited to see how employee ownership can help create greater value for our employees, the company, and our clients."
The company will continue to operate under the same business model and structure. The leadership team will continue in their roles for the foreseeable future.
"This transition to employee ownership helps preserve our 37-year history of providing quality IT services to world-class organizations and building great relationships. We look forward to continuing that tradition as employee owners," Wilsher says.
About Teksouth – Founded in 1983 and based in Gardendale, Alabama, Teksouth provides data integration and information management support services to a wide range of private- and public-sector clients, including most branches of the US Armed Forces. Teksouth operates in several locations within the US and employees approximately 150. Teksouth is an approved federal contractor under GSA Schedule 70 for IT services and is an approved vendor under several federal contract vehicles. Teksouth is a Microsoft Business Partner.