Posted May 11, 2016
VALDESE, N.C. – In the year following the company’s 100-year centennial celebration, Valdese Weavers announced today another milestone – becoming a 100 percent employee-owned company, through its Employee Stock Ownership Plan (ESOP).
“One hundred years after our company was founded, and 80 years after Harley F. Shuford and his family acquired the company out of receivership during the Great Depression, Valdese Weavers is now a 100 percent employee-owned company,” said Michael Shelton, president & CEO. “This process began in 1996, when the Shuford family sold a minority interest in our parent company, CV Industries, to our associates through a newly established ESOP. The family’s decision to sell their remaining interest to the ESOP marks the continuation of the commitment of Valdese Weavers and the Shuford family to our associates, our community and our values.
“This change from a minority ESOP to a 100 percent ESOP creates a platform for ownership that will propel Valdese Weavers into the future,” he added. “It is truly a wonderful opportunity for all of our associates who come here to work every day, and through their efforts have made our company the special place that it has become.”
Snyder Garrison, a grandson of Harley Shuford, said on behalf of the Shuford family, “There are many options for charting the future of a privately owned, closely held company like ours. The 100 percent ESOP achieves our family’s objectives for Valdese Weavers to remain an independent, privately owned company with a strong commitment to our local community. In keeping with our values, the ESOP is a great way to recognize the dedication from each of our associates toward achieving a successful, lasting legacy. Employee-owners know that their efforts can help them gain a benefit for their families that is greater than wages alone.”
Valdese Weavers becomes 100 percent employee owned
Valdese Weavers' President & CEO Michael Shelton
Garrison retirement as CFO also announced
Shelton also announced that Garrison, longtime CFO, will retire but will remain on the company’s board.
“I particularly want to express our appreciation to Snyder Garrison, who as our longtime CFO has led our financial and administrative teams for many years,” Shelton said. “It is with personal regret but warm wishes that I announce Snyder’s decision to transition to retirement from his executive role as CFO, and concentrate his future efforts on his strategic role as a member of our board of directors. I have had the distinct privilege of working as a team with Snyder and our COO, Carson Copeland, for almost three decades. Snyder’s leadership and influence have left an everlasting impact on me and everyone in our company.
“On behalf of the nearly 1,000 associates who, through the ESOP, now own 100 percent of Valdese Weavers, I want to collectively thank the generations of the Shuford family who have given us their support, and have displayed confidence in our stewardship of the company they have owned since 1935,” Shelton added.
Source: Valdese Weavers