ATLANTA — Packard Inc. told its employees on Aug. 25 that it had become the first master distributor in the HVACR industry to adopt an employee stock ownership plan (ESOP). The purpose of an ESOP is to enable eligible employees to share in the growth and prosperity of the company, accumulate capital for their future economic security, and acquire beneficial stock ownership interests in the company.
Packard’s CEO and chairman of the board, Tom Campbell, will remain at the helm and will continue to provide his insights in areas of purchasing and product development. The new customer-focused, employee-owned mentality is expected to preserve the corporate culture and family atmosphere with the added benefit of increased employee accountability and buy-in.