Centric, a prominent Kansas City-based general contractor, recently announced the successful transition to a 100% employee-owned entity through the implementation of an Employee Stock Ownership Program (ESOP). The firm finalized this strategic move in late November 2023, marking a significant milestone in Centric's commitment to its workforce and future growth.
"Becoming an ESOP has been a long-time vision for the firm. We have always been an employee-centered company, believing that our most valuable investment is our people. Becoming an ESOP allows our talented team to create the Centric of the future and share in its success," said Richard Wetzel, CEO of Centric.
Centric's move to an ESOP is not only about fostering employee ownership but also about strengthening leadership and positioning the company for accelerated growth. The company has welcomed strategic new hires to fortify its business lines, promoted key players to bigger leadership roles, and has added two members to its Board of Directors; Suzanne Williams, Chief Operating Officer of Barkley, and Mike Heitmann, former Chief Executive Officer at Garney Construction.
"Not only do we have an exceptionally talented team in place, but the addition of Suzanne and Mike on our Board of Directors ensures we have top talent helping to guide our new employee owners to success,” said Centric president Steve Swanson.
In addition to external appointments, Centric has created a leadership structure to support the growing team and align with future company goals. Rob Nelson, an integral part of the company for eight years and a driving force in Preconstruction and Operations, has been named Chief Operations Officer. Michael Calloway, an eleven-year veteran of the company, has been promoted to Vice President of Finance and Administration. Matt Hall, with thirteen years of service, has been promoted to Vice President of Operations, while Tyler Harrelson, an eleven-year veteran, has been promoted to Vice President of Business Development.
These leadership changes and the transition to employee ownership reflect Centric's commitment to innovation, collaboration, and sustained success in the dynamic construction industry. But Swanson and Wetzel remain committed to Centric’s success and impact. “We’re not going anywhere,” said Wetzel. “Our roles will shift away from day-to-day operations to more leadership, mentorship, and continuing Centric’s culture.”
About Centric: Founded in 2010, Centric has grown into one of the most recognized general contractors in Kansas City and is active in its business, civic, and philanthropic communities. The company serves the workplace, retail, healthcare, institutional, industrial, hospitality, multifamily, and single-family residential markets, and has grown to 160 associates and $230 million in revenue from its home in Kansas City’s Crossroads Arts District. Most importantly, Centric prides itself on helping make Kansas City a cooler place to live, work, and play by building our city and its stories from the ground up. http://centric.build
Feature photo credit: Nagel Portraits