Clif Bar & Company owners Gary Erickson and Kit Crawford sold 20% of their common stock in the company to their employees through an Employee Stock Ownership Plan (ESOP). The ESOP now owns 20% of the company, while the husband and wife team retain 80%.
“All along we wanted to create a company where we would want to work,” said Crawford, Clif Bar & Company's co-CEO. “Employee ownership is one more way we could run a different kind of business: one that inspires a team of people to make the kind of delicious, nutritious food we'd like to eat, and that strives for a healthier, more sustainable world.”
“Our company is our people,” said Erickson, founder and co-CEO. “By retaining private, employee ownership we will continue to have the freedom and flexibility to build a sustainable business with long-term focus for future generations.”
No change in management structure will take place, with Erickson and Crawford remaining majority owners and co-CEOs of the company.
Founded in 1992, Clif Bar & Company has annual net revenues of over $200 million. The company currently has 239 employees and is readying for its move to a new green headquarters at 1400 65th Street in Emeryville, CA, in the fall.
