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Company Contact: Russell E. Hall
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Z, INC. BECOMES 100% EMPLOYEE-OWNED THROUGH EMPLOYEE STOCK OWNERSHIP PLAN
Silver Spring, MD – Z, INC., a Maryland-based, 34-year old Small Business, announced today that 100% of the company’s stock, previously held solely by the company’s Founder-Owners and Principals, Alan P. Naney and Joseph J. Bross, has been sold to its employees, through an Employee Stock Ownership Plan (ESOP). The Maryland-based Information Technology Professional Services and Management Consulting Services firm’s employees will become beneficial owners through the ESOP. This transaction gives employees an opportunity to grow their shareholder wealth based on the success of business. This will make the positive bonds between the Z, INC. staff members even stronger than they are today. The ESOP represents a very tangible way to incentivize employee to continue to provide high quality to achieve client satisfaction.
Mr. Naney and Mr. Bross will exit the company as part of a 6-month transition and will remain on the Board of Directors. Effective immediately, the Board adds newly appointed Chairman & Chief Executive Officer (CEO), Russell E. Hall, and new President & Chief Financial Officer (CFO), Cynthia A. Hall to lead the company forward. Mr. Naney, the company’s former President & CFO stated, “I appreciate current and past staff contributions to the success of Z, INC. I also feel confident in the qualifications and motivation of the management team going forward. The growth and future success of Z, INC. will provide opportunities for career advancement of its contributing professionals.”
Mr. Naney and Mr. Bross founded Z, INC. in 1983 and have equally shared the risk and rewards of managing a small but capable company with a long track record of success in the very competitive Federal Government Marketplace. Z, INC. has a history of long-term commitment to providing the most valuable service offerings to its customers, reciprocated by their continued satisfaction and repeat business. Mr. Bross stated, “One of the best things about the ESOP change in the company is that Z, INC. gets a chance to invigorate and rebrand itself, to bring new leadership to an already successful enterprise, and to enhance growth and profit-sharing opportunities for our employees. The ESOP structure helps Z, INC. build upon its three-decade track record of satisfied customers.” Newly appointed President & CFO, Cynthia Hall agrees, “We believe an ESOP puts us in the best position to continue that commitment to our valued clients.”
An ESOP can have an overwhelming positive effect on a company, creating broad-based ownership among all employees, and fostering an environment in which everyone understands his or her role in helping the company achieve business and financial objectives. Research has proven over and over that employee ownership builds successful, competitive companies, and creates equitable wealth for employees. It has been shown that ESOP companies pay better benefits, have twice the retirement income for employees, and pay higher wages than non-ESOP companies.
Z, INC.’s new Chairman & CEO Russell E. Hall stated, “Z, INC. is well positioned to build on its recent successes. By working together to deliver outstanding service, employee-owners can contribute to the growth of the company and to help enhance the value of Z, INC.’s stock. Hall continues, “The future value of the ESOP depends in large part on our ability to continue working together to help the company grow. Employee ownership is a powerful motivator and I look forward to seeing it work for all of us. In light of the challenges facing the Federal Government contracting industry today, an ESOP is an excellent way in which to assure the continuation of our best in-class services, retain valued employees, and enhance our company’s’ productivity and profitability. For Z, INC., it was the perfect succession plan: Mr. Naney and Mr. Bross were pleased to share the wealth with the employees who work so hard to make the company successful while the company remains privately held. We thank them both for handing off such a solid company.”
About Z, INC.
Z, INC. is a Small Business based in Silver Spring, MD and has successfully provided a wide array of Information Technology Professional Services and Management Consulting Services for over three decades. Z, INC. was founded in 1983 and continues as a privately-held business. Core competencies include Systems Architecture, Engineering and Integration, Business Support Services, Web Design & Web Application Development, Cybersecurity, Software Life Cycle Support, and Energy Industry Subject Matter Expertise. Z, INC. is dedicated to providing clients and technical expertise, effective management, and highly-skilled and experienced staff. By delivering technology-based solutions and providing customer-focused services at competitive prices, the Company has successfully completed numerous contracts and has demonstrated the ability to identify mitigate control and manage risks. Z, INC. offers competitive compensation and benefits and is an Equal Opportunity Employer.
For additional information, please visit the Company’s website www.zonline.net.