100% Employee-Owned ESOP Holding Company Moves to Co-CEO Model
Waukesha, Wis. (June 8, 2023) – As part of its long-term plan for growth, OwnersEdge, Inc., a 100% employee-owned holding company based in Waukesha, is adopting a co-CEO model. Lisa Reardon, current CEO and Chair of OwnersEdge, Inc., will assume a new role as Executive Board Chair on January 1, 2024. At that time, Christine Adee and Rob Dillon will become co-CEOs, leading OwnersEdge and its five operating companies.
The moves are designed to support the ongoing expansion of OwnersEdge as it works to add five more operating companies to its portfolio. To accomplish that, Reardon’s new position will focus primarily on strategic board leadership and acquisitions. She’ll work with Adee and Dillon and the OwnersEdge board to achieve the long-term vision for the holding company, which includes cementing OwnersEdge as a nationally known leader in the ESOP industry.
As co-CEOs, Adee and Dillon will handle the day-to-day responsibilities of OwnersEdge and its operating companies, which include Asche & Spencer, BAYCOM, CC&N, Implecho and QComp Technologies. Adee has been president of OwnersEdge since 2021 and CFO since 2015. Dillon has been an OwnersEdge group president since 2021, leading Asche & Spencer, BAYCOM and Implecho. Prior to that, he was executive vice president.
“This new structure allows three key executives to leverage their strengths by aligning their focus with their innate talents. I firmly believe the co-CEO model is the best one to meet the unique needs of OwnersEdge and is a competitive advantage that will be a differentiator for us as we continue to grow and expand,” says Reardon. “OwnersEdge has always been an organization that’s willing to explore new ways of thinking and pursue innovative models. Ultimately, our goal is to deliver value to our employee owners so they have a path to reach their American dream.”
As co-CEO, Adee will lead the critical thinking around ESOP strategy and holding company operations and manage the financials to ensure OwnersEdge continues to reinvest in its operating companies and executes strategic acquisitions.
Dillon will lead the operating companies to drive differentiation and value to increase revenue, profit and share value and will ensure each operating company has talented and culturally aligned leadership that spurs growth.
Adee and Dillon will work together to integrate new companies into OwnersEdge as they are acquired.
Co-CEO Succession Planning
At OwnersEdge and its operating companies, succession planning is examined regularly and charted for senior leadership positions. The OwnersEdge CEO succession plan has been in development for 18 months and brought together Reardon, the executive team, OwnersEdge board and an outside consultant to fully explore and vet the transition. As part of the CEO change, Reardon will spend the next six months working closely with Adee and Dillon to help them integrate into their new roles.
“When the board and I began talking about CEO succession planning, we first had to determine the best model to meet the unique needs of OwnersEdge and our operating companies and then had to identify the best talent for that model,” says Reardon. “Christine and Rob were handpicked by myself and the board because we’re supremely confident in their abilities to lead OwnersEdge, our five operating companies and new acquisitions into a future of continued growth and success. It’s such a privilege that we have them on the executive team and can tap into their expertise as co-CEOs.”
Reardon established OwnersEdge in 2015 as an ESOP holding company to provide revenue stream diversity and greater returns for its employee owners. During the past eight years, she has led OwnersEdge through eight acquisitions and expanded its workforce to more than 300 employees.
“When I engage with a potential business, it’s a two-way street,” says Reardon. “While they’re evaluating us, I’m also evaluating them because I want to make sure their business is a fit for OwnersEdge. I consider their culture and whether it aligns with our ESOP values. I also evaluate the sustainability and unique differentiation of the business to determine whether our model can bring value, grow their business and produce results they couldn’t otherwise achieve on their own. It’s all these elements that come together to determine if the company is one that we want to bring into our fold.”
Co-CEO Rob Dillon
Dillon became president of BAYCOM, an OwnersEdge operating company, six years ago when his business, Communications Service Wisconsin (CSW), was acquired. He led BAYCOM for three years as president and during that time significantly increased the company’s profits by transforming its business.
“Christine and I have been working together for the past few years on the executive team so we know the strengths and capabilities we each bring to the table,” says Dillon. “I can’t think of a better partner to continue the growth trajectory that Lisa has set for OwnersEdge and its operating companies.”
Co-CEO Christine Adee
Adee has been with OwnersEdge for eight years and has been integral in managing the complex operations and financials that an ESOP requires. She has more than 25 years of experience in business leadership and planning, financial operations and management, business growth with profit maximization and productivity and efficiency improvements.
“I believe the ESOP model is one of the best ways to create a committed and engaged workforce where employees view their contributions as vital and impactful to the overall success and financial health of the business,” says Adee. “I’m excited to lead OwnersEdge during a time of high growth that will provide our employee owners with significant returns.”
About OwnersEdge: Based in Waukesha, Wis., OwnersEdge Inc. is a 100% employee-owned ESOP holding company that strives to invest in and build sustainable businesses throughout the Midwest. The operating companies within the OwnersEdge portfolio utilize their industry expertise to drive business growth and create value for stakeholders including customers, communities and the ESOP employee owners. The five companies in its portfolio – Asche & Spencer, BAYCOM, CC&N, Implecho and QComp Technologies – provide diverse products and services to a variety of market segments ranging from public safety to construction to manufacturing and music production.