Effective Dec. 28, 2016, Phacil is an employee-owned company, and a new benefit program called the Phacil Employee Stock Ownership Plan will become available to employees.
“Becoming an employee-owned company will not change Phacil’s day-to-day operations or management,” Phacil Executive Vice President and Chief Financial Officer Mehdi Cherqaoui said. “The executive and senior management team will continue to run the Company. With the ESOP, Phacil remains the same. The primary difference is that the company stock is now held by a trust on behalf of Phacil employees.”
“It is a very exciting time for Phacil and our employees as we begin our 16th year of existence as a firm,” Phacil President and Chief Operating Officer Mark Cabrey said. “We are proud of the past and well-positioned to move forward as a company given the continuity of operations an ESOP provides.”
“Nearly 9,000 successful companies across the United States are substantially or entirely owned by their employees,” Phacil Executive Chairman and CEO Tom Shoemaker said. “The ESOP success formula is simple: Employee-owners make great employees. Employee-owners know that their efforts can help them gain a benefit that is greater than just their salary.”
An ESOP is a benefit plan designed to provide employees with an ownership stake in the company. It is a long-term plan, which rewards employees for remaining with the company and growing it over time.
The McLean Group served as Phacil’s advisor.
Related: Phacil Honored with 2016 Excellence in Partnership Awards for Government Savings
