For several years, William H. (Bill) Carris (President and CEO) looked for ways to bring employees into the business. He recognized that the advantages provided by the federal tax structure made the ESOP a very attractive vehicle for selling the CC to the employees. In December 1994, he shared his vision for the transfer of ownership—at a cost significantly below market value—with employees in The Long Term Plan.
From the beginning Michael (Mike) Curran (Vice-President and COO) had been not in favor of implementing short-term incentives at that time. He had vehemently disagreed when Bill wanted them in place January 1, 1998. But having worked with Bill for 20 years, Mike knew when Bill’s mind was set on proceeding. When it was time to roll out the new program, Mike drew up the plans and measures for implementation using historical production data. Now they were in this together.Read Article