LAVIDGE launches employee stock ownership plan
LAVIDGE Founder and CEO Bill Lavidge has announced the implementation of an ESOP program, or employee stock ownership plan, for his Phoenix-based agency after 35 years of operation. The plan keeps Mr. Lavidge in place as CEO and the company’s majority owner at 51 percent, while handing over the remaining shares as a savings initiative for his leadership team and the entire staff.
Since 1983, LAVIDGE has grown to a unified advertising, public relations and digital marketing firm – including 80 employees who are headquartered in the Camelback corridor.
“I considered a number of options for the next stage of our company,” Lavidge said. “After careful analysis, the ESOP program presented the best solution: it rewards staff for their contributions, empowers them with incentives to keep the agency at peak performance, and allows me to remain an important part of the team.
“My job really won’t change, since my focus on current and future client satisfaction will continue – only now with an ESOP, staff members will benefit even more from the company’s progress and achievements.”
LAVIDGE was founded on the idea that a company’s strength is its people. Bill made a pledge to surround himself with talented, caring people with the highest level of integrity, and provide them with an environment that helps them succeed professionally and personally. The agency provides a healthy, fun and professionally challenging atmosphere while giving employees the tools needed to produce impactful work for clients.
“We’re excited about this natural next step for the agency’s continued success and future,” said CFO Sandra Torre, who, along with COO Alicia Wadas, has helped Bill steer his company’s strategies and expansion for 15 years.