By converting to the ESOP, the 68-year-old, family-owned company will be 100 percent-owned by its nearly 1,500 employees
Norwell, Mass.—Sullivan Tire and Auto Service has announced a new Employee Stock Ownership Plan (ESOP) that will turn over ownership of the 68-year-old, family-owned company to its employees.
By converting to the ESOP, the company will be 100 percent-owned by its nearly 1,500 employees. The new ESOP will be in addition to all other benefits currently offered to employees. Robert D. Sullivan and Paul J. Sullivan will remain with the company in their current roles as chairman of the board and vice chair, respectively, while Joseph M. Zaccheo will continue as president and CEO of the company.
“We are honored and proud that the future of Sullivan Tire will be shepherded by the people who have all played a role in helping us accomplish the brand recognition that is prevalent throughout New England,” said Paul Sullivan. “When Bob and Mary Sullivan started the company, they decided that respecting our employees and their families was going to be a key foundation of Sullivan Tire — this ESOP will carry on that belief.”
Headquartered in Norwell, Mass., Sullivan Tire and Auto Service has 79 retail locations in New England; 17 commercial truck centers; 14 wholesale distribution satellite locations; two truck tire retread plants; two LiftWorks facilities; and five distribution centers.