In the US, MR agency Burke has completed restructuring for its Employee Stock Ownership Plan (ESOP), and has repurchased all remaining stock owned outside the scheme, which was the final step needed to complete transition to a 100% ESOP owned firm.
All Burke stock is now held in a trust exclusively for the benefit of Burke's employees. The company first formed the ESOP in 2004 when it acquired all outside shares of the company owned by TNS.
'We believe providing ownership as a company benefit for employees will increase their dedication to the firm, improve work effort, reduce turnover, and generally lead to much greater employee satisfaction,' explained President and CEO Dr Michael Baumgardner. 'As a 100% ESOP owned company, we are able to create a true culture of employee empowerment and responsibility.'
Founded in 1931 and headquartered in Cincinnati, Ohio, Burke is an independent, full service marketing research company, whose Burke Institute has trained more than 70,000 participants through more than 3,000 public and in-house MR seminars. Burke is on the web at www.burke.com.
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.