Dick Resch Transfers KI ownership to ESOP
Last Tuesday the Green Bay-based employees of KI assembled for one of their regular Town Hall meetings. For most of them there was no clue as to what was coming next. There had been some talk that as he approaches his 80th birthday Dick Resch was contemplating retirement, but as he strode to the podium, few knew in advance what he was about to say. What he had to say was great news for the current and future employees of KI. Mr. Resch announced that he had arranged to transfer 100% ownership of the company to an Employee Stock Ownership Plan (ESOP). According to the National Center for Employee Ownership, “ESOPs are most commonly used to provide a market for the shares of departing owners of successful, closely held companies, to motivate and reward employees.” And according to Mr. Resch, that is exactly his intent in transforming KI from a closely …
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