On Friday, September 30, 2016, during an off-site management meeting, C&J Industries’ long-standing President and CEO, Dennis Frampton, announced his retirement. Frampton’s decision had been planned for several months and was timed to coincide with the end of the company’s fiscal year.
As part of his announcement, Frampton also disclosed that all family members on C&J’s Board of Directors had sold their shares to the company. In doing so, the company created an Employee Stock Ownership Plan (ESOP), which made made C&J Industries a 100% employee-owned company.
Frampton also announced that Rob Marut is C&J Industries’ new president and CEO effective immediately. Marut has been with C&J Industries for eight years and has served several positions, most recently as the VP of finance.
Mr. Frampton further announced two new board members. Jerry Sargent has been promoted to VP (formerly operations manager) and Candy Harvey has been added to the Board as Secretary Treasurer. Candy is currently C&J Industries’ controller.
“This is an amazing opportunity to continue a legacy that began over fifty years ago,” said Marut. “It will be my goal to carry on the principles of building trust and providing our customers with innovative engineering solutions.”
“Forming the ESOP accomplished two main goals that were important for both the family members and the C&J executive management team,” Marut said. “We wanted the company to remain in Meadville, PA and also wanted to provide a solid future for the employees of C&J Industries. We accomplished both objectives with this announcement.”