Associates Celebrate SRC Stock Growth & 35 Years of Employee Ownership
On Thursday, June 21, 2018, employee owners gathered for SRC's Annual Shareholder Meeting in Springfield, Missouri. At the meeting, CEO Jack Stack introduced the Board of Directors, reviewed 2017 financials, gave the State of SRC Report and announced SRC's 2017 stock value. The theme for the evening–Possibilities– could not have been more applicable as SRC employee owners witnessed not only the results of their hard work, but line of sight to the company's and their own potential in the upcoming years.
The room was full of cheers as Stack revealed SRC's new 2017 stock value, $102.00 per share–an impressive 29% increase over the 2016 value. Since 2010, SRC has experienced an average of 16% year-over-year stock growth. SRC's future is full of possibilities as the companies continue to project performance growth through 2020.
What does this mean for SRC employee owners? Long-term equity growth. As a 100% employee-owned company, SRC associates are given a stake in the outcome of the company. Together, associates share in the wins and losses. The 2017 stock price growth will give rise to every associate's employee stock ownership plan (ESOP) account. For example, a 20-year associate at SRC Automotive saw an increase in his ESOP account equivalent to a $15.00/hour pay increase in 2017–a major win to be celebrated.
The celebration took place that evening at Hammons Field for the Springfield Cardinals game. More than 800 associates and family members attended the game. The positive energy radiated through the stadium as SRC associates participated in numerous on-field recognitions and activities. To kick the game off, SRC's Community Relations Committee was introduced on the field, immediately followed by the first pitch thrown out by Tanya Stites, Master Scheduler/Planner at SRC Electrical. In the fifth inning, leaders from SRC companies battled it out in musical chairs, with Tim Stack, General Manager at SRC Electrical, taking the victory. Lastly, Ownership Culture Committee members from across the divisions joined to sing "Take Me Out to the Ball Game" during the seventh inning stretch. The night was one to remember, and the excitement and buzz from the stock value announcement and Cardinals game is still radiating throughout the divisions.
“SRC treats its employees like owners because we are, in fact, owners. I am very thankful that I work for a company that cares about its employees and gives back to them. I had a blast at the Cardinals game and enjoyed the amenities provided by SRC," said Keaton Paylor, National Sales Manager at Global Recovery Corp., "The night was capped by SRC’s stock valuation hitting $102.00! What an incredible company to work for, and what a great time to be an employee owner at SRC!”
Want to learn more about employee ownership? Check out SRC's benefits today.