Instead of selling the mega-trucking company Harrold Annett has spent the past 41 years building, he has decided to go a different route. He announced on Thursday, Oct. 10, that the flatbed carrier TMC Transportation, headquartered in Des Moines, Iowa, will be transitioning to an employee-owned company.
According to a TMC release announcing its plan to transition to an employee stock ownership plan (ESOP), the decision was made based on Annett’s “desire to establish a succession plan that maintains the culture of TMC, while rewarding its employees for their dedication.”
TMC has 2,440 power units and 2,474 drivers and has been a private, family-owned company since 1972, according to the Federal Motor Carrier Safety Administration’s SAFER website.
“I have been approached many times with the opportunity to sell TMC,” Annett said in the release. “What I realized in contemplating selling the company is that it would result in a change to the culture that we have all worked hard over these years to create. The only way to make sure our culture endures is to put TMC into the hands of the people who take the most pride in our culture. And that is the employees.”
Annett will remain as majority shareholder of TMC. Company shares “will be distributed to all employees at no cost,” the release states.