Tree-Free Greetings in Keene, as pictured Tuesday afternoon, is now employee-owned, a recent news release from the company said. (James Rinker/Sentinel Staff)
Tree-Free Greetings recently became employee-owned, according to a news release by the business Monday.
The company also announced in the release its founder and long-time CEO Steve Silverstein had stepped down from his role. Doris Webb, formerly the vice president of customer and product development, took over as CEO of Tree-Free Greetings effective Dec. 1.
Founded in 1999 in Marlborough by Steve Silverstein, the company operated as an outgrowth of the Mountain T-Shirt Co. until 2006. Tree-Free Greetings sells greeting cards, stationery, home accessories and decor. All the paper products are printed on recycled, eco-friendly paper using soy ink.
Tree-Free Greetings became an employee-owned company through the establishment of an employee stock ownership plan effective Dec. 1, according to Webb. The transition marks a significant milestone in the company’s history, Webb said, as it reinforces the business’ commitment to its employees, their long-term success and the community.
“[Steve] knew he could have sold the company to any of our competitors, but that means the company gets gobbled up, jobs don’t stay in Keene,” Webb said Tuesday afternoon. “It was really important for him to set this up, so that in a way Tree-Free would stay in Keene.”
Under the employee stock ownership plan, Tree-Free Greetings employees will become beneficial owners of the company. Webb said Tree-Free has 18 employees.
Silverstein said employees have to work a minimum of 1,000 hours each year to be eligible for the plan, which could mean most full and part-time employees are eligible participate.
“It goes beyond the traditional employee relationship,” he said Tuesday afternoon. “Folks are able to build personal wealth by participating in the company. They get paid, they get benefits, a 401K, just like many other companies. But there’s this extra component that when the company succeeds, the employee succeeds too.”
Webb said in the release she’s excited to lead Tree-Free into its next chapter.
“As an employee-owned company, our commitment to our customers, content, and our team will be evident in everything we deliver,” she said. “I am confident that together, we will continue to grow and thrive while staying true to our values of sustainability and social responsibility that Steve Silverstein founded the company on.”
Silverstein will continue to support Tree-Free Greetings as a member of its board. Silverstein said there were offers by competitors to purchase the company, but any acquisition would likely result in the company moving out of Keene.
“Forming an ESOP was the best way to keep the company in Keene, and continue to benefit all the employees,” Silverstein said. “I wanted to make sure that people knew they could stay and create something special with a bunch of people locally. You don’t have to leave the area to do something great.”
Silverstein said he stepped down from his role as CEO because it was time for a new chapter in his personal life.
“All of us have facets, many acts in us. It’s time for the next act for me, to pass this one on.”
James Rinker can be reached at 603-355-8569, or jrinker@keenesentinel.com.
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