Massanutten Resort, a four-season resort located outside of Harrisonburg, in the Shenandoah Valley, announced that it is now a 100 percent employee-owned company. All remaining stock of the company, previously owned by company founders Dice Hammer and the heirs of Jim Lambert, has now been purchased by the company’s Employee Stock Ownership Program (ESOP) trust.
Steve Krohn, Executive Vice President and Chief Operating Officer, noted, “This is a momentous event for our company and the community, and everyone should be proud of the accomplishment. The company founders created our ESOP in 1993. That the complete buyout took over 20 years to come to fruition is a testament to their long-term vision. This transition is also a credit to all the hard work and success of our employees.” Because the ESOP program has been in place many years, taking this final step, while significant to employees, will not result in any noticeable change in the resort. “Our focus continues to be on guest satisfaction and our company’s long term success. Mr. Hammer remains President, and he and Jimmy Lambert, son of Jim Lambert, continue to serve actively on our board of directors,” said Krohn.
Matthias Smith, Massanutten Resort’s Vice President and General Manager, commented on the benefits of this transition. “Our employees have always been crucial to our company, as they are the ones who engage day-to-day with our close to a million visitors per year. This transition will enhance our ability to attract and retain the highest caliber employee-owners, as it offers the unique opportunity to grow with the company as true stakeholders in our success.”
Massanutten Resort relies upon over 1,500 employees to operate 365 days a year. Including retirees and former employees, over 3,000 people currently participate in the ESOP program.
For more information about employment opportunities and benefits, please visit www.massresortjobs.com.
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