Company

SEL Employee Ownership

Own Your Career

Creating a culture of ownership

While still in the early days of the company, SEL Founder and President Edmund O. Schweitzer, III, began thinking about how to best serve the long-term interests of employees, customers, the company, and the community. He looked into a number of business models, and in 1994, Dr. Schweitzer sold a portion of his company stock to employees, establishing the SEL Employee Ownership Stock Plan. The transaction set the company on the path to 100 percent employee ownership.

Dr. Schweitzer believed then, as he does now, that shared ownership is key for sustained growth, stability, and customer focus. Employee ownership lets SEL put our customers and employees first. Our employees are our shareholders, so there’s no short-term pressure to achieve quarterly results at the expense of what’s best for our customers or company in the long run.

“The career opportunities at SEL have turned my life around, and with the ESOP, I am now looking at being able to retire with a secure financial future.”
Sarah A.Manufacturing Supervisor
“The ESOP provides a financial incentive to stick to our corporate values, provide superior solutions to our customers, and grow the long-term value of the company.”
Bob M.SEL Retiree
“I was able to retire early at 54 because of employee ownership.”
Nancy H.SEL Retiree
“The SEL story of being employee-owned is more than just significant retirement savings; owning a piece of the rock is part of our company’s corporate culture and our commitment to our customers.”
Larry C.Government Affairs Manager

What is an ESOP?

An Employee Stock Ownership Plan (ESOP) provides a company’s workforce with an ownership interest in the company. In an ESOP, employees receive shares of stock in the company at no cost. Each year, employees earn an increasing right to the shares in their account, a process known as vesting. The shares accumulate until the employee retires or leaves the company.

To participate in the ESOP, an employee must be employed in the United States, be 18 years of age or older, and have completed one year of employment (1,000 hours). Our ESOP fosters sustainability and equality for everyone who contributes toward the success of SEL.

SEL ESOP Timeline

1982—Edmund O. Schweitzer, III, starts SEL.

1994—SEL establishes Employee Stock Ownership Plan (ESOP).

2004—SEL becomes 46 percent employee-owned.

2009—SEL becomes 100 percent employee-owned.

2019—SEL celebrates a decade of 100 percent employee ownership.

The best retirement plan

Studies have shown that ESOPs outperform the S&P 500 and offer the best retirement plan a company can adopt. The SEL ESOP benefit is 100 percent employer-provided and requires no employee contribution. SEL provides the same percentage contribution to all employees regardless of seniority, status, or pay. SEL employee owners may also choose to participate in the company’s competitive 401(k) plan, further strengthening their retirement safety net.

Owning a career vs. renting a job

SEL employee owners are committed to improving processes, making decisions, developing new ideas, and taking the company in new directions. The value we place on ownership is at the heart of our work to create superior products while reducing costs and increasing quality and productivity.

Being employee-owned allows SEL to reinvest in the company by providing access to capital for expansion projects, research and development, and workforce growth. It also provides the freedom to offer unique benefits to our employee owners and their families, including onsite childcare facilities, health clinics, fitness centers, a monthly education stipend, short-term disability insurance, and more.

Employee owners receive regular status updates on the financial outlook, ESOP performance, and short- and long-term strategic objectives of the company.

SEL Employee-Owned

SEL is focused on making electric power safer, more reliable, and more economical. See how being 100 percent employee-owned has contributed to creating a world-class work environment for our employee owners.

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