Mower, an independent marketing communications agency based in Syracuse, is becoming 100% employee owned. Chairman and CEO Eric Mower has transferred all ownership of the company to employees via an employee stock ownership plan (ESOP). Mower, who began his career at the agency in 1968, will remain in his current position—as will other senior Mower executives.
The news was shared with Mower employees at gatherings hosted in Syracuse and Greenville, South Carolina, a central location for employees from the agency’s Charlotte and Atlanta hubs. Employees traveled from a total of 12 cities around the country to learn about their role as new employee owners.
“The ESOP allows Mower to remain independent, to maintain our professional standards and practices—and for our employees to know that their future is in their hands,” said Mower in a statement. “The ideas and energy of this committed team of next generation employee owners, all dedicated to collaboration, creativity and problem solving, will prove a powerful force for growth, as well as a powerful tool to attract and retain talent. I look forward to seeing our new employee owners maintain their fierce friendships, while doing great work that supports the success of our clients.”
The ESOP will benefit roughly 150 employees for their contributions to the success of the agency, at no cost to them, with equity in the business and an additional retirement benefit. The move also provides the agency a smooth ownership transition into the years to come with a continuation of leadership by Mower’s executive team, including president and COO Stephanie Crockett, vice chairman and chief brand officer Doug Bean, chief administrative officer Chris Steenstra, chief financial officer Cheryl Duggan, chief creative officer Doug Kamp and evp, managing director, public relations and public affairs Rick Lyke.
“The ESOP will have meaningful benefits to our business, positively impacting our clients as well,” said Crockett in a statement. “We know talented advertising, marketing and public relations professionals are attracted to the idea of employee ownership—and the model is shown to inspire longer tenures for executives. Just as many of us at Mower have made this business a home for our careers—I’m celebrating 18 years—we want to inspire others to invest their time and talent into the agency and reap the rewards for that investment, too.”
Mower, a digitally integrated marketing, advertising and public relations company, was recently named the ANA’s B2B Midsize Agency of the Year. Clients include National Grid, FirstEnergy, 84.51°, FedEx, ABB, Prysmian Group, Northwest Bank and Ford Dealers.