Renkim Corporation has made substantial changes to the organization including new management, new board appointees and a significant expansion of the employee-owned corporate structure. Renkim, an ACA International member company in Southgate, Mich., is now 100 percent employee-owned though an employee stock ownership plan (ESOP), according to a news release.
“Restructuring to 100 percent ESOP is a positive shift that benefits the corporation and our employees,” said Cliff Stephens, the newly appointed president and COO of Renkim. “The ESOP structure promotes and cultivates a culture of employment longevity, accountability and a profound sense of pride in the workplace. It also serves as a significant benefit to recruit the best and brightest to Renkim. This is a milestone moment for Renkim.”
The company has also made a series of new executive team and board of directors appointments. Stephens and Lewis Doot, the newly appointed vice president of finance and chief financial officer, will report directly to the board of directors. Rob Augg will lead client growth initiatives in his new role of vice president of business development and marketing.
Outside board appointees include Chairman Richard Duffy, Tim Jochim and David Sass.
“These appointees bring fresh thinking, talent and expertise to Renkim,” Stephens said. “They have already demonstrated their impact by expanding the Renkim employee stock ownership plan and reorganizing the company. Our executive team and our new board are making strategic and intentional decisions that positions us well for significant growth.”
Michael D. Gibson of Kerr Russell serves as outside counsel and Tracy Woolsley of Horizon Bank will continue to serve as the ESOP trustee responsible for managing ESOP assets, satisfying fiduciary responsibilities and selecting new board members, according to the news release.
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