Moog Music has no boss anymore…
But 61, for CEO Michael Adams decided to sell half of the company to his employees.
Moog CEO Michael Adams announces this week that he was preparing his retirement, which is the reason why he set an employee stock ownership plan through which workers now own 49 % of the company, as well as a trust with no upfront costs to the employee so they can buy out his remaining 51% over the next 6 years. So when they retire, workers can cash out their shares.
Michael Adams chose this solution hoping that the new 60 owners (Michael Adams' son is not eligible to the plan) will invest in the Moog projects and help the company grow. In the USA, about 7,000 companies are employee-owed.
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