A new employee stock ownership plan will provide employees with a financial stake in Nussbaum Transportation. The Hudson-based freight carrier has transitioned 35 percent of the company ownership to employees through an Employee Stock Ownership Plan (ESOP). “We’re excited to bring our employees into ownership of Nussbaum Transportation,” said CEO Brent Nussbaum in a statement. “It’s our goal to protect the nearly 75-year heritage and culture of Nussbaum by rewarding our loyal and dedicated employees and the families that have been responsible for our success.”
Stock ownership is a retirement plan that is invested in the company’s stock. It provides employees with a financial stake in the company. The company funds the ESOP, and employees benefit from the value of the company stock in their account over time. “When we treat our people right, good things happen,” he added. “If we treat our drivers right, they take care of our customers. When our customers are happy, they take care of Nussbaum. It all links together.”
Nussbaum is a family-owned and -operated trucking company that provides dedicated carriage and irregular route truckload services throughout the contiguous 48 states. It operates 350 trucks and 800 trailers and employs approximately 450 people. The company was founded by Nussbaum’s father, Alden, with a single truck in 1945.
The company will continue to operate under the same business model and structure, focusing on customized solutions and personal service for its customers, Nussbaum said. He and the rest of the leadership team will continue in their roles for the foreseeable future. “We want employees to love working here,” said Jeremy Stickling, vice president of human resources. “Having an ownership stake in the company is another great incentive for employees to want to work and stay here. And that’s great for our customers.”