World Travel Inc. established an employee stock ownership plan. A message sent Thursday to customers from chairman James Wells credited World Travel’s employees for the company’s growth into “one of the top travel management companies in the world without acquisitions.”
Under an ESOP, employees receive company stock and therefore an ownership interest. Companies with ESOPs may be partially, majority or fully owned by their employees.
Wells added that the ESOP decision would support local communities and help retain and attract workers.
He wrote that “our board of directors and management team remains in place.”
Travel and Transport and TravelStore are other corporate travel management companies with employee ownership programs.