Steve Silver creating employee stock plan
Furniture Today Staff -- Furniture Today, January 2, 2012
FORNEY, Texas - Casual dining and occasional importer Steve Silver plans to create an Employee Stock Ownership Plan that will sell 51% of the company to employees.
Through the ESOP, employees will be automatically vested into ownership shares of the company.
CEO Norman Preskitt will retire in the next 18 months from day-to-day management but will remain as chairman.
The company, founded in 1993, will keep its name. The transition will begin during the first quarter of 2012 and Steve Silver will remain as president and will own the remaining 49%, he said.
The move is being led by company founders, the executive management team and David Corbin, who was recently named chief operating officer of the company.
Corbin has been involved with an ESOP transition at bedding producer Southerland and has also worked for another ESOP, Chromcraft-Revington.
Corbin said that the ESOP will lead to tax efficiencies and better incentives and retirement benefits for employees. The senior lender for the ESOP is Comerica.
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Steve Silver Company plans ESOP in 2012
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