September 9th, 2019
NewAge Industries established its ESOP in January 2006, when CEO Ken Baker sold 30% of the company to the employees as a way to ensure the company’s continuation.
The ESOP added a new facet to the company’s culture, namely the pride of ownership, while it discouraged a buyout from a competitor or other business. It’s another feature of the company’s retirement benefits that include a pension plan and 401(k) plan. In January of 2013, Baker sold an additional 10% to the employees, bringing employee ownership to a 40% share. ESOP ownership was increased to 49% in 2016, and in 2019 NewAge will become 100% employee owned.