PORTLAND, Ore.–Bob’s Red Mill Natural Foods is now an employee-owned company. Management announced the new Employee Stock Ownership Plan (ESOP) at an all-company meeting at the headquarters office in Milwaukie, OR.
“It’s been my dream all along to turn this company over to the employees, and to make that dream a reality on my birthday is just the icing on the cake,” said Bob Moore, founder, who celebrated his 81st birthday with the announcement.
Moore, who is active in the day-to-day operations of Bob’s Red Mill, said there would be no changes in the make-up of the company. “To me, this is the ultimate way to reward employees for their contributions to our ongoing success and growth. We have many loyal and long-time employees who I expect will be joined by many new faces over the years to run the company.”
“By creating the ESOP, Bob and the partners have fulfilled their ultimate quest for sharing success among all employees,” said Roger Farnen, quality assurance manager. “And it provides tangible incentives for optimal achievement no matter what their position in the company. Bob is basically passing the entrepreneurial torch on to his employees and is instilling in us that hard work provides rewards.”
Bob’s Red Mill, a provider of whole-grain natural foods, has averaged an annual growth rate of 20 percent to 30 percent over the past 10 years and in that time their distribution has expanded internationally.
“The company has been experiencing a period of years of excellent performance, and it is through programs like an ESOP that we will continue to prosper and attract the best manufacturing, distribution and sales people available in the industry,” said John Wagner, chief financial officer and a partner in the company. “Another significant benefit of an ESOP is that it sets up a platform for a succession plan for Bob’s Red Mill to help ensure the company’s long-term viability and profitability.”