ESOP Association member, Modern Group Ltd. based in Bristol, PA, and members of the Pennsylvania/Delaware Chapter, met with Congressman Michael G. Fitzpatrick (R-PA) to discuss ESOPs and employee ownership.
Congressman Fitzpatrick met with Modern Group’s employee owners including, Dave Griffith (CEO), Paul Farrell (COO), Steve Seminack (CFO), George Wilkinson (Chairman), and Tom Callahan (Sr. Vice President), for a brief overview of the company, then toured the service floor and offices. CEO Dave Griffith spoke about the company, its ESOP, and how it has fared through the recession. He asked for Congressman Fitzpatrick’s support of ESOP companies by writing to the Department of Labor to oppose the proposed regulation on the definition of a fiduciary that would make ESOP appraisers fiduciaries and by co-sponsoring H.R. 1244.
Thanks to Alice Simons of SES Advisors for sharing information and photos with the Association.