Daigle Oil transitions to employee-owned company
Daigle Oil Co. in Fort Kent has transitioned from a privately held company to a 100% employee-owned company through an employee stock ownership plan, or ESOP.
The St. John Valley Times reported that the company announced the change Tuesday. The company said in a release posted on its Facebook page that the stock ownership plan will allow all vested employees to earn a yearly allocation based on their percentage of eligible compensation.
The ownership change won’t change company operations, and the heads of the company will remain the same.
CEO Rick Daigle said in the release that the company believes providing ownership as a company benefit will increase dedication to the company, improve work effort, reduce turnover and lead to a culture of leadership and responsibility.
Dan Vaillancourt, president and chief operating officer, said the company looked at many options for securing its future.
“We have always believed in local employee control and decision making and trust our employees more than anyone else to carry on the mission and values of our company,” Vaillancourt said in the release.
The company, in business for 60 years, has eight retail gas stations in Madawaska, Fort Kent, Caribou, Presque Isle, Houlton, Lincoln and Bangor, and delivers a variety of heating options to customers in northern and central Maine.
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