The article highlighted the success that Tempo has enjoyed recently, increasing revenues by 40% since 1998. But the main focus of the story was the leadership of president and CEO Steve Saunders. Saunders and other Tempo employees decided to make a go of the business which was “cut loose” by the parent company in late 1997. That’s when TDIndustries exited its residential operations, and employees were given the opportunity to form an employee stock ownership plan (ESOP) to revitalize the residential business.
According to Morning News’ reporter Cheryl Hall, a million dollars came out of the pockets of 45 workers, and today more than 80% of the eligible employees participate in the ESOP.
Publication date: 09/09/2002