Nexus Engineering Group Announces Employee Stock Ownership Program
ESOP Program Will Provide Additional Benefit to Team Members and a Plan for Succession
Cleveland, OH, March 18, 2024 – Nexus Engineering Group, a full-service, independent engineering, procurement, and construction management firm, is proud to announce the establishment of an Employee Stock Ownership Plan (ESOP). The program is effective immediately and will allow Nexus employees to participate in the benefits of company ownership while providing a roadmap for the firm’s continued growth, development, and sustainability.
“We believe in our team that has built Nexus from the ground up and think there is no better group to shepherd Nexus into the future,” shared Marianne Corrao, executive Vice President and Co-Founder of Nexus. “Through the ESOP, our team will be rewarded for future company success.”
An ESOP is a qualified employee retirement and incentive plan that transitions a closely held company to employee ownership. Shares of company stock are allocated to the employees without requiring an out-of-pocket contribution, providing an additional benefit.
“Today’s talented professionals have their choice of companies to work for,” said Lisa Theis, Director of Human Resources at Nexus. “The inherent and proven benefits of a performance-driven employee stock ownership culture will further distinguish Nexus in a competitive job market.”
Nexus was co-founded by Jeff Herzog and Marianne Corrao in 2005 and is co-owned. The ESOP provides a framework for the transition of ownership, giving the company, its team, and its clients confidence in Nexus’ plans for the future.
“Marianne [Corrao] and I are proud of what our Nexus team has accomplished over the past 20 years. It is important for us to have a proactive plan that would transition ownership gradually,” said Jeff Herzog, President and Co-Founder of Nexus. “An ESOP was the most attractive approach because it minimizes the disruption to our team and our clients while promoting quality, efficiency, and a culture of ownership.”
About Nexus Engineering Group
Nexus Engineering Group is a full-service, independent engineering firm headquartered in Cleveland, Ohio with offices in Toledo, Ohio, Midland, Michigan, and Oak Brook, Illinois. Nexus is focused on supporting clients’ specific project goals from concept to startup. Since 2005, clients have recognized Nexus as the engineering services firm of choice in the refining, petroleum midstream, chemical, manufacturing and utilities industries.
With more than 225 professionals on staff, Nexus is made up of experienced process, instrumentation and controls, structural engineering, electrical, mechanical engineering, and piping professionals with decades of hands-on conceptual and detailed system design, construction, and project management experience.
Nexus delivers project designs that reduce overall risks resulting in safer work environments. By utilizing state-of-the-art software and innovative design tools, Nexus consistently meets client project and investment requirements. Get to know us and you will agree that Nexus is not your typical engineering firm – “Engineering Relationships.”
For more information, visit www.nexusegroup.com
