Capital Forest Products reported it finalized its transition to a 100% employee-owned company in a move effective October 4.
The Annapolis, Md.-based 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.
According to the company, the recent transition to 100% employee ownership will help ensure the continuation of Capital Forest Products’ 40-year legacy of “exceptional service and commitment to its customers, vendor partners, and employees.” The company said founder and president Michael Tichenor and the board of directors plan to maintain a similar structure and focus that has made the company successful, but now with more “passion and a shared interest in the company’s future.”
Capital Forest Products distributes cedar shakes and shingles, roofing, siding, lumber, shed and outdoor utility building materials, fencing, flooring, seasonal products, and other materials.
