Private equity executive Pete Stavros has become a surprising advocate for employee ownership, a concept that gives workers a stake in their companies. In a world where CEOs can earn in a day what an average worker makes in a year, Stavros is pushing for a change that benefits both employees and businesses. This initiative, highlighted on the popular TV show “60 Minutes,” focuses on empowering the rank and file by providing them with incentives similar to those enjoyed by top executives. Stavros believes that employee ownership not only improves morale and productivity but also addresses the growing wealth gap in America.
The episode showcases the success story of CHI Overhead Doors in Arthur, Illinois, where private equity firm KKR implemented an employee ownership plan. After the sale of the company, employees received significant payouts, transforming their lives and the community. Stavros’ mission is to make employee ownership a standard business practice, and his efforts are gaining bipartisan support across the political spectrum. This inspiring story exemplifies the potential for positive change through shared ownership in the workplace.
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Video “Private equity heavyweight pushing employee ownership | 60 Minutes” was uploaded on 05/07/2024 to Youtube Channel 60 Minutes