Moog Music, the pioneering synthesizer maker based in Asheville, NC, has been sold. But unlike some acquisitions, this one has a major silver lining. CEO Mike Adams made the announcement on Wednesday, telling anxious staffers that he has decided to unload half of the company. "The good news is I sold it to all of you," he said.
The arrangement, known as an employee stock ownership plan, will initially give Moog workers 49 percent of the company with Adams holding the remaining 51 percent. According to The New York Times, Adams has established a trust to lend staffers the money to buy him out over the next six years. "I've been looking for a way to get out," he said. "This is my exit strategy."
Until that exit, however, Adams will remain president and CEO of the company, established in 1953 by Robert Moog, who died in 2005.