Pennoni now owned by its Employee Stock Ownership Plan

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After more than 50 years,  Pennoni  is fully owned by its Employee Stock Ownership Plan (“ESOP”) Trust. Pennoni is based in Philadelphia and has Delaware offices in Newark and Milton.

An ESOP is an employee retirement plan that provides ownership to employees. Although Pennoni has been 100 percent  employee-owned since its founding in 1966 by Celestino ‘Chuck’ Pennoni, the firm first established its ESOP in 1994. Over the years the ESOP has increased its ownership share, and on December  it became Pennoni’s sole shareholder.

This move demonstrates Pennoni’s commitment to our most important asset, our people, by rewarding them for their passion and dedication, a release stated.  

 Pennoni stated, “I’ve always believed that a professional services firm should be owned by its employees. As a 100 percent  employee-owned firm, our reputation, growth and dedication to our colleagues, clients, and community continue to be our primary focus.”

Pennoni will continue to operate under the same business model and management structure. With 35 offices and  expanding globally,

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