Yesterday, Michael Adams, owner and CEO of the famed synthesizer maker Moog Music, announced an employee stock ownership plan that will turn ownership of the company over to its famously dedicated workers. Moog’s employees will immediately acquire 49% of the company, and they’ll take over the other 51% over the next six or so years.
Moog’s employees have historically been very loyal to the company, so the new ownership plan seems not only fitting, but well-deserved. In fact, Ileana Grams-Moog, the company’s founder’s widow, said that her husband considered employee ownership more than a decade ago; however, the business was not profitable enough at the time.
The new plan also keeps Moog from being acquired by a larger organization. This will allow it to stay in Asheville and maintain the company culture.
For more details regarding the transaction as well as insight into Moog’s storied past and promising future, check out The New York Times‘ captivating article.