Wednesday, June 30, 2010
Clif Bar & Company announced the selling of family owned common stock to its employees through an employee stock ownership plan (ESOP). Employees through the ESOP own 20% of the company, while husband and wife owners Gary Erickson and Kit Crawford retain the remaining 80%.
No change in management structure will take place, with Erickson and Crawford remaining majority owners and co-CEOs of the company.
“All along we wanted to create a company where we would want to work,” said Crawford. “Employee ownership is one more way we could run a different kind of business: one that inspires a team of people to make the kind of delicious, nutritious food we’d like to eat, and that strives for a healthier, more sustainable world.”
“By retaining private, employee ownership we will continue to have the freedom and flexibility to build a sustainable business with long-term focus for future generations,” said Erickson.
Founded in 1992, Clif Bar & Company has annual net revenues of more than $200 million. The company currently has 239 employees and is readying for its move to a new green headquarters at 1400 65th Street in Emeryville, Calif., in the fall.