RENTON, February 11, 2019 – The Mosaic Company (Mosaic) announced the decision to preserve local ownership and further strengthen strong prospects by disbursing a portion of the company’s stock to its employees through an Employee Stock Ownership Plan (ESOP).
Founded in 1996, Mosaic is a national workforce consulting firm that focuses on the utility and oil & gas industries. Mosaic employs over 200 people across the United States and has offices in Seattle, WA, Houston, TX, and San Ramon, CA.
Many companies opt to sell stock to an ESOP when the current owners are planning for retirement. For Mosaic, it was the perfect succession plan: the employee owners were willing buyers, and the former owners were pleased to share the wealth with the employees who worked so hard to make the company successful.
“As we considered options for retirement, the prospect of selling Mosaic to a third party was not appealing,” said Shelly Morse, owner. “Setting up an ESOP allowed us to plan our retirement while simultaneously rewarding our staff and allowing Mosaic to continue to prosper as an independent, privately-held company.”
Mosaic is not planning any changes to its management structure. Clint Morse will continue as chairman of the board, and Megan Deans will remain the chief executive officer.
Research has shown that employee ownership builds successful, competitive companies, and creates equitable wealth for employees. ESOP companies also pay better benefits, have twice the retirement income for employees, and pay higher wages than non-ESOP companies.
“The ESOP enables our employees to participate in the company’s success directly and enables us to preserve and sustain Mosaic’s DNA,” stated Megan Deans, CEO. “Throughout Mosaic’s history, our core values and branding traits have been at the center of our success, and we didn’t want to compromise them. The ESOP gives our owners an effective financial plan and ensures we have the flexibility and freedom to stay true to who Mosaic is.”
Mosaic is a national training and workforce consulting firm that focuses on the utility and oil & gas industries. We have a deep knowledge base and a unique approach to training that uncovers potential and drives business performance. We approach each project with a best-in-class framework to prepare your people for critical business opportunities, new technologies, business process changes, evolving regulatory and compliance requirements, and other workforce challenges.
Name: Rachel Collier