Pinnacle Designs, San Fernando, CA, announced the transfer of all of its stock into an Employee Stock Ownership Plan (ESOP), making the company 100% employee-owned. The company’s Board of Directors approved the transaction on Dec. 30, 2023, with the intent of further strengthening its commitment to its employees and client base.
“Our employees have contributed mightily to our success due to the passion and innovation they bring to work each day,” said David Messe, president of Pinnacle Designs. “The ownership culture that has existed in our company has even more meaning now. We have several employees that have been with our company 30-plus years, and another seven with over 20 years. A total of 51 employees are now part of the employee owned company. The ESOP demonstrates our commitment to them, further allowing them to take part in our future success.”
The shift to employee ownership will help preserve Pinnacle Designs’ employee-centric culture and affirm its commitment to the clientele. There are no planned changes to Pinnacle Designs’ management structure or day-to-day operations, and the conversion to an ESOP will not impact the work we do with our customers.
“I am so proud of what we have built together,” said CEO and founder Brad Hartstein. “The future is so bright for our company as we continue the momentum we have built over the past 44 years. It warms my heart that our employees can and will build their own future with Pinnacle Designs. This is an extraordinarily important moment in our company’s history. We’ve always placed the highest value on the contributions of all of our employees. This transition feels like a natural progression for us as it reinforces our culture, ensures we continue to serve our clients in the best way possible, and supports the sustainability of our company.”
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