100 “millionaires”
Stewart’s employees’ chunk of the company grows.
Stewart’s Shops employees now own 40 percent of the company through its employee stock ownership program, the convenience store chain revealed last week in its annual statements.
Stewart’s, which was founded in 1945 by the Dake family and has nearly 350 locations in upstate New York and Vermont, offers an employee stock ownership plan in which employees are granted stock in the company each year.
Stewart’s has more than 100 “millionaires”— both retirees and current employees whose stock holdings in the company are currently valued over $1 million.
Stewart’s says that 2,850 employees who qualify for the stock grants saw their stock holdings rise an astonishing 20 percent, while Stewart’s contributed $19 million in stock to their accounts, which is roughly 19 percent of their collective pay during the year. That bumped the employee ownership stake in the company to 40 percent this year.
Employee stock ownership plans, or ESOPS, are somewhat commonplace in the business
world, allowing for familyowned companies to share in profits and company ownership. Price Chopper is another local company with an employee ownership program.
“We are very grateful to not only be in a position to share with our partners with stable employment, benefits, and a generous ESOP contribution, but to continue sharing with our communities via COVID relief and charitable giving. 2020 was an unprecedented year, and we thank our partners for their unwavering dedication,” Stewart’s President Gary Dake said in a statement.
Stewart’s says employees who work at least 1,000 hours a year qualify for the stock ownership plan, and their stock account balances typically reach a year’s pay after about six years.