Zachary's Pizza Rewards Employees with Stock Ownership Plan as the Company Celebrates its 20th Anniversary
Zach Zachowski and Barbara Gabel, owners of Zachary’s Chicago Pizza, are announcing their company has formed an Employee Stock Ownership Plan (ESOP), joining the growing list of companies whose employees are stockholders. When the transaction is completed the employees will own the majority of the company. This major step coincides with the company’s 20th anniversary. “What better way for us to reward our employees?” Zachowski and Gabel agree. “As we considered the long term future of the company and our employees, it seemed right to us that it be sold to our crew rather than to outside interests. Without the hard work and dedication of our crew, we would not have reached this milestone, nor would we have become the most award winning pizza restaurant in the Bay Area”.
The plan enables the employees to share in ownership and it provides them with long-term retirement benefits. Basically an ESOP operates through a trust to which a company sells part or all of its stock. The employees are beneficiaries of the trust. With this sense of ownership, and because the company’s fortunes will be reflected in the price of the stock the trust holds, the employees will want to see Zachary’s stay strong and continue to get better and better. According to Zachowski and Gabel, “By taking this step, our tradition of excellence will be carried on by the next generation. There’s no reason Zachary’s couldn’t still be going strong 50 years from now.”
See also:
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Article in Oakland Tribune.
Article in Contra Costa Times.
Article in Pizza Today.
Article in Wall Street Journal.
Best of Citysearch.
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Best Pizza San Francisco Magazine.
AOL City Guide City's Best.
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