Sierra Pacific Engineering and Products is a 100% employee-owned company through participation in an Employee Stock Ownership Plan (ESOP), which provides employees of the organization retirement savings via automatic investments in the company’s stock. Around the halfway point of each year, we have our annual ESOP company meeting. During this meeting, employees vested in the program receive their statement of shares, and newer employees are educated about the details of this great benefit. This year’s conference was held at our Long Beach, CA headquarters on June 8, 2022. We had several visitors in attendance, including our National Sales Manager visiting from the Midwest and the complete SPEP Board of Directors. Other special guests in attendance included a trustee and representative from the national ESOP organization. After the meeting, everyone in attendance also enjoyed a catered lunch together from Naples Rib Catering.
During the meeting, our CEO, Dave Mochalski, spotlighted new personnel and individuals who received promotions throughout the year. Employees also participated in fun activities such as “Guess that Stock Price” during the meeting. The winner of the game is the SPEP employee who is closest to guessing the actual stock price of the company. For a laugh, the annual pessimist and optimist are also spotlighted: the employees who guessed the lowest and highest stock price, respectively. It was celebrated that our company stock price increased by over 25% from the previous year, a culmination of the hard work from everyone on the team.
There were some surprise Zoom calls from our recently retired teammates to see how they were doing and how the ESOP has impacted their lives during retirement. A big novelty check was presented to one of our newly retired Inside Sales Representatives to congratulate her on a high final account balance and honor her for her many years with the company. Some exciting news was also announced that our VP of Supply Chain Barry Stein would be taking on a brand-new role as President of the company. Barry has been working with SPEP for over 20 years and continues to be a cornerstone of the company’s successful operations and supply chain. It is always a pleasure to see everyone gather to celebrate our successes as a group. New challenges will continue to present themselves, but here’s to another great year!
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