Nashville petroleum distributors Parman Energy has become employee-owned:
The company’s original owners, Don Crichton and Johnny Jewell III, sold stock to the company’s newly established Employee Stock Ownership Plan (ESOP) in a transaction that closed February 20, 2015.
"We are excited that our team members who provide industry-leading service to our customers will share in the rewards of our company's future success," said Steve Moore, CEO & President of Parman Energy.
The ESOP transaction will not change company operations. Moore and his leadership team will continue to lead the company and its employees, who will now be able to benefit from the value of annual allocations of stock in the company. Designed as a long‐term retirement benefit for employee owners, all employees who accrue one year of service with the company will be eligible to participate in the ESOP.
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