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KKW Trucking Inc. and its affiliates have finalized the paperwork and will become a 100% employee-owned company through its newly created employee stock ownership plan, the Pomona, Calif., company announced Nov. 20.
All eligible employees will be credited with shares of KKW stock within the ESOP trust each year at no cost, allowing them to earn ownership and accumulate tax-deferred retirement wealth through the service.
Founded in 1962 with nine trucks, KKW Trucking provides irregular route truckload services for manufacturers, retailers and consumer packaged-goods companies in 12 Western states with 120 local, 265 sleeper tractors and more than 1,300 trailers.
CEO Dennis Firestone, who has held the position for 52 years, will become chairman of the board. Steve Benninghoff will succeed Firestone as CEO, and Lynnette Brown will continue as chief financial officer.
“The reality is that KKW Trucking was built by a team of hard-working committed men and women, and if I was to get any credit for our successful journey, then it would only be that I was able to recruit and train most of these amazing individuals,” Firestone said. “The time has come for me to step aside, and the thought of turning our company over to the very people that helped me build it is a dream come true.” — Transport Topics
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