The new ESOP will ensure the legacy, brand and family culture of Sullivan Tire will remain as it began, putting their employees at the forefront and keeping the company true to its brand identity of treating everyone as if they are a member of the family, the dealership said.
By converting to the ESOP, the company will be 100% owned by its nearly 1,500 employees. The new ESOP will be in addition to all other benefits currently offered to employees.
Chair Robert D. Sullivan and Vice Chair Paul J. Sullivan will remain with the company in their current roles, while Joseph M. Zaccheo will continue as president and CEO.
"We are honored and proud that the future of Sullivan Tire will be shepherded by the people who have all played a role in helping us accomplish the brand recognition that is prevalent throughout New England," Paul Sullivan said.
"When Bob and Mary Sullivan started the company, they decided that respecting our employees and their families was going to be a key foundation of Sullivan Tire; this ESOP will carry on that belief."
Norwell-based Sullivan Tire operates 79 retail locations, 17 commercial truck centers, 14 wholesale distribution satellite locations, two truck tire retread plants, two LiftWorks facilities and five distribution centers. Sullivan has locations in Massachusetts, New Hampshire, Rhode Island, Connecticut and Maine.
Earlier this year Rockland, Maine-based Eastern Tire & Auto Service Inc. converted from family ownership to an ESOP plan.