Every October, The ESOP Association and its member companies celebrate Employee Ownership Month. This is a terrific celebration of the spirit of employee ownership, and an invaluable opportunity to educate employee owners, elected officials, the media, and the public at large about the benefits of employee stock ownership plans (ESOPs).
In 2007, FarraTech became an employee-owned company when our founder, John Farra, decided to retire. Rather than sell the company to a third party, he decided to give it to his employees! Maria Mendillo took the wheel and became the new President & CEO of FarraTech that same year. Since the ESOP implementation, new employees joined the ESOP program after their one-year waiting period. Once employees are in the plan, their ESOP accounts begin accumulating shares of FarraTech stock.
Our employee owners work with each other and our customers to help make FarraTech have the best service possible. Our employees are committed to our company’s success because they are a part of it. At FarraTech, the benefits of hard work and dedication return to our employees and not to outside third-party owners. That is the critical component to our success!
