Great news for Moog employees AND synthesizer lovers - CEO Mike Adams has made plans to have 49% ownership of the Asheville-based company fall to the employees themselves. In a dramatic announcement worthy of an X-Factor kiss off, Mike addressed all the employees:
He said, "I've sold half the company.."
"I sold it to you"
Mike Adams first joined the company in 2002- when it was down to its last few $$, late wage cheques - not a good place. Since then, under his steerage, the company has increased the product range and innovated with new instruments - the most recent of which, the Sub 37 , we think is destined to become a bit of a modern classic.
Moog now employs 61 full-time employees, with some talented engineers - some of whom we see at various trade shows - Amos Gaynes being one of the brilliant minds behind the Sub 37.
It's not totally altruistic on the part of Adams, at 59, he's looking for an exit strategy and this is it - his remaining 51% of shares can be bought out over the next 6 years, which will obviously give him a nice little nest egg. He's confident that the company will also continue to grow, providing a viable pension fund for current and future workers.
Another aspect to this is it was always a dream of Bob Moog's to have an employee ownership scheme in place - and now its a reality, which adds a nice warm fuzzy feeling to the whole procedure.
Its a great piece of news, not only does it protect Moog from VC investment or being hoovered up by marauding brand buyers, but encourage the people who work in the company to have a vested interest. We don't think stock market ownership has any place in this sector.
We've yet to see any (happy to be corrected) success stories with companies related to the creative industries that have sold to investors who are just in it for the stock price.