Innovative, outcome-driven programs provider Symbria changed its ownership structure Oct. 31 by becoming an Employee Stock Ownership Plan (ESOP) company.
The Illinois-based company is committed to serving post-acute and senior-living providers through its variety of offerings, such as pharmaceutical services, which includes medication management for skilled-nursing, assisted-living and independent-living communities.
As part of the move to an ESOP structure, Symbria will divide its shares among its more than 2,000 employees, with employees gaining access to the shares through their retirement accounts.
Symbria President and CEO Jill Krueger said the transition from a privately held company to an ESOP company represents a significant milestone for the firm.
"More than just a retirement plan for our employees, our new structure is a true reflection of our corporate culture, which values each of our employees’ individual contributions to our clients and the company as a whole," Krueger said. "This, coupled with our industry-leading focus on quality, integrity, ethics, and an unwavering commitment to meaningfully improving the lives and well-being of our clients’ patients and residents, has been central to our growth."
Symbria has also named a new board of directors, which includes Krueger. The other board members are Lisa Cochrane, former senior vice president of marketing at Allstate Corporation; James Hussey, former president of Sagent Pharmaceuticals; Roger Lumpp, former partner in the insurance practices of Arthur Andersen; Jim Stark, retired partner-in-charge of KPMG Chicago's Healthcare Audit Practice; Duane Tyler, national leader of McGladrey Center for Business Transition; and Albert Weiss, CFO of Forsythe Technology.
"Our new board is strategically composed of highly respected business leaders with diverse expertise and professional backgrounds in finance, marketing and strategic planning," Krueger said. "They also boast a strong track record of volunteerism, board service and a genuine interest in health care.”