Choate Construction Co. transitioned to a 100 percent employee-owned firm last week.
Current and future employees will participate in ownership via the Choate Employee Stock Ownership Plan (ESOP). The transition was announced to the more than 450 employees at a company celebration on Dec. 15.
Millard Choate will become the chairman and CEO while Dave Priester will take over the role of president and chief operations officer. The management team will continue to fulfill its current roles in the firm.
“Choate is a tight-knit family, and we truly care for each other,” Choate said. “We were solicited continuously over the years by larger contractors to sell the company, but we decided to keep the business in the family, to perpetuate our culture of excellence. We are blessed to be able to implement this structure to express our dedication to our exemplary employees. This will provide individual financial security as well as preserve the entrepreneurial spirit that has always permeated this company."
Choate said the ESOP will allow them to take this spirit to the next level, while also ensuring their vision, core values and management team stay intact.
1004 U.S. 52
Moncks Corner, SC 29461