Norwell, Mass.-based Sullivan Tire Co. Inc. is turning ownership over to its nearly 1,500 employees.
The newly created Sullivan Tire employee stock ownership plan (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," according to Sullivan Tire officials.
With more than 90 outlets and 14 distribution centers, Sullivan Tire, which was founded nearly 70 years ago, is one of the largest independent tire dealerships in the United States, according to the 2023 MTD 100.
"The new ESOP will be in addition to all other benefits currently offered to employees."
Robert Sullivan and Paul Sullivan will remain with the company in their current roles as chairman of the board and vice chair, respectively, while Joe Zaccheo will continue as president and CEO of Sullivan Tire.
“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,” says Paul Sullivan.
“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.”