Wilson Electric Services Corp. announced that the company’s ESOP (Employee Stock Ownership Plan) has purchased the balance of the company shares, making it 100 percent employee-owned. Wilson Electric, a leader in the electrical contracting industry, has been a partial ESOP since 2005, with employees owning 47 percent of the company’s overall shares. On May 21, 2019, Wilson Electric, celebrated becoming 100 percent employee-owned.
“Being 100 percent employee-owned is a huge milestone for Wilson Electric,” explains Wes McClure, the company’s CEO. “It reinforces our long-term commitment to preserving our culture and values as we continue to grow as an organization. We have an opportunity to write the next chapter of this incredible story and we are truly excited about that. Ownership empowers and deeply connects the employees to the success of this organization. It’s just one more way to show that we are all in this together,” states Wes McClure.
This business model allows employees to perform at their highest levels, empowers individuals to create change within the organization and holds employees accountable for making the right decisions. The ESOP is a great way to recognize the dedication of each employee-owner, many who have been with the company for more than 15 years, with a superior retirement benefit.