Capital Lighting Fixture Company Announces Employee Stock Ownership Plan
The Georgia-based manufacturer is now 100% employee owned
Capital Lighting just announced their Employee Stock Ownership Plan (ESOP), effective September 28, 2018. Owners Mary Lou and John Lewis made the formal, surprise announcement to employees on Tuesday, Oct. 30, 2018, in a companywide breakfast meeting at the Flowery Branch corporate office. The ESOP effectively transfers 100% ownership to employees based on their tenure with the company, through a qualified and defined contribution benefit plan.
“We have come a long way in the past 25 years, growing from a 15,000 sq. ft. warehouse and a handful of employees to a 170,000 sq. ft. office and warehouse, over 60 employees, carefully cultivated overseas manufacturing partnerships, and a growing showroom customer base that we are committed to supporting. Our employees have always been central to our growth and success, some of whom have been with us for several years, a few, from the very beginning,” John Lewis said.
“As we explored ownership transition options, we were clear about our goal. Our top consideration was to do what’s best for our valued employees, loyal customers, reliable suppliers and shareholders. ESOP was the only option that checked all the boxes.”
“The better we do, the more the stock is worth,” Lewis reminded employees. “We need to continue to make great products, offer our customers exceptional service, improve our business and operate efficiently and profitably,” he emphasized. The plan serves as an additional retirement benefit, providing employees an added incentive to contribute to the company’s success.
The ESOP transition will not impact day-to-day operations or any roles within the company. The announcement was received with enthusiasm by Capital Lighting employees and will be followed up with additional meetings and Q&A sessions with ESOP experts in the coming weeks.
Capital Lighting has been designing and developing beautiful, on-trend lighting fixtures and decorative mirrors for over 25 years. The Georgia-based manufacturer distributes products via a wide network of reputed showrooms across USA and Canada. The company is known for superior quality products, signature finishes, exceptional service and their commitment to supporting showroom customers.