The move finalizes a transition that began in 2016.
Capital Forest Products reported that it has finalized its transition to a 100% employee-owned company.
The move was effective Oct. 4.
The company first implemented an Employee Stock Ownership Plan (ESOP) in 2016. The ESOP annually allocates company shares to employees and provides them with an equity interest in the future growth and success of Capital Forest Products.
The most recent transition to 100% employee ownership will help ensure the continuation of the company’s 40-year legacy of exceptional service and commitment to its customers, vendor partners, and employees, Capital Forest Products said.
The Annapolis, Md.-based company also said that Founder and President Michael Tichenor and the board of directors plan to maintain much of same structure and focus that have made Capital successful for decades, but now with even more passion and a shared interest in the company’s future.
Capital Forest Products distributes cedar shakes & shingles, roofing, siding, lumber, shed and outdoor utility building materials, fencing, flooring, seasonal products, and other materials.