SYRACUSE, N.Y. — The employees of Mower, a Syracuse–based marketing, advertising, and public-relations agency, now own the company. Eric Mower, the firm’s chairman and CEO, transferred 100 percent ownership of the company to its employee through an employee stock ownership plan (ESOP). Mower, who began his career at the agency in 1968, will remain in […]
SYRACUSE, N.Y. — The employees of Mower, a Syracuse–based marketing, advertising, and public-relations agency, now own the company.
Eric Mower, the firm’s chairman and CEO, transferred 100 percent ownership of the company to its employee through an employee stock ownership plan (ESOP).
Mower, who began his career at the agency in 1968, will remain in his current position, as will other senior Mower executives, the firm said in its Aug. 10 announcement.
Mower is headquartered inside the Jefferson Clinton Commons building at 211 W. Jefferson St. in Syracuse’s Armory Square area.
The ESOP makes about 150 employees new “employee owners” of the agency at no cost to them, with equity in the business and an additional retirement benefit, Mower said.
It also provides the agency a “smooth ownership transition into the years to come.”
Mower’s executive team includes Stephanie Crockett, president and COO; Doug Bean, vice chairman – chief brand officer; Chris Steenstra, chief administrative officer; CFO Cheryl Duggan; Doug Kamp, chief creative officer; and Rick Lyke, executive VP, managing director, public relations and public affairs.
“The ESOP allows Mower to remain independent, to maintain our professional standards and practices and for our employees to know that their future is in their hands,” Eric Mower said. “The ideas and energy of this committed team of next generation employee owners, all dedicated to collaboration, creativity and problem solving, will prove a powerful force for growth, as well as a powerful tool to attract and retain talent. I look forward to seeing our new employee owners maintain their fierce friendships while doing great work that supports the success of our clients.”
The firm shared the news with Mower employees at gatherings hosted in Syracuse and in Greenville, South Carolina, a “central location for employees” from the agency’s Charlotte and Atlanta hubs. Employees traveled from a total of 12 cities around the country to “learn about the future of Mower and their pivotal role as new employee owners,” per the announcement.
“The ESOP will have meaningful benefits to our business, positively impacting our clients as well,” Crockett said. “We know talented advertising, marketing and public relations professionals are attracted to the idea of employee ownership, and the model is shown to inspire longer tenures for executives. Just as many of us at Mower have made this business a home for our careers — I’m celebrating 18 years — we want to inspire others to invest their time and talent into the agency, and reap the rewards for that investment, too.”