Taylor Guitars has announced its transition to 100% employee ownership through an Employee Stock Ownership Plan ("ESOP").
"We have delighted in giving people the joy of music and hope to do so for generations to come," says Co-Founder and President Bob Taylor. "Becoming 100% ESOP allows us to ensure our independence for the long-term future and continue to realize our vision for the company as an innovative guitar manufacturer."
Kurt Listug, co-founder and CEO, adds, "While Bob and I are not retiring, we have been preparing for our eventual exit. Master guitar designer Andy Powers is not only the wellspring of our guitar designs for the future, but he also joined our leadership team several years ago, and strengthening our leadership team has been essential to our succession planning."
Listug says he views the transition in ownership as the next step to ensure a sustainable future for the company, while also providing a valuable financial benefit to people who have contributed to its success. "We believe we've created a special company, where passionate people can engage in problem-solving innovation, collaboration and respect," he says. "Securing our independence through an ESOP allows us to strengthen this culture."
Taylor says its new ownership structure supports continuity and that it "will serve its customers, suppliers, and broader community with the same passion and innovation it has before." Bob Taylor, Kurt Listug, Andy Powers and other members of Taylor's leadership team say they remain committed to the company. There will be no changes to management structure, operations policies, or practices.