ESOP is an Employee Stock Ownership Plan. It's tax-qualified and enables employees to receive a retirement benefit linked to Taylor Guitars’ future equity value. While Employees at Taylor’s production facility in Tecate, Baja California, Mexico, will participate in its US-based ESOP plan, European Union employees will be participants in a similar incentive plan available under EU regulations.
Kurt Listug, co-founder and Chief Executive Officer, added, “While Bob and I are not retiring, we have been preparing for our eventual exit. Master guitar designer Andy Powers is not only the wellspring of our guitar designs for the future, but he also joined our leadership team several years ago, and strengthening our leadership team has been essential to our succession planning.”