PRESS RELEASE: 10-17-2022
Electromek Diagnostic Systems becomes 100% Employee-Owned through an Employee Stock Ownership Plan (ESOP)
Electromek Diagnostic Systems was founded in 1976 by three x-ray service engineers, James Henrichs, Paul Trame, and Dave Bader. These three entrepreneurs were working for a large OEM when they decided they could focus better on solving difficult problems and delivering a higher level of customer satisfaction.
After the retirement of Dave and Paul, the radiology industry started shifting from analog to digital with a growing focus on Healthcare IT. Dan Thoma joined Electromek in 2001 with Picture Archive Communication Systems (PACS) experience and eventually became a minority shareholder of Electromek to form a co-ownership with the primary shareholder, Jim Henrichs.
= = = = =
On October 1st, the company transitioned to a 100% employee-owned company. Jim Henrichs and Dan Thoma remain on as senior leadership and board members after selling their shares to the newly formed Employee-Owned Trust.
“Strong customer service continues to be the foundation of our organization,” states Dan, the newly elected President of Electromek. Our mission remains unchanged: Providing advanced medical imaging equipment and IT solutions with unparalleled levels of system integration and service.
“We have many great people with experience, talent, and a passion for customer service. We worked hard to find an option that would allow us to keep our company how it is AND take it to the next level,” said Jim.
Steve James, President and CEO of SCJ Fiduciary Services, which specializes in employee-ownership Trusts, has been appointed Trustee to the newly created ESOP. James’ role will be to oversee the Trust, such that it remains compliant with all ESOP requirements, and be an advocate for the employee-owners. Being 100% employee-owned will nurture a culture that retains and attracts top talent. This will be key for maintaining excellent supplier and customer satisfaction for long-term growth.
“This is worth celebrating. With a strong and unique company like Electromek, employee ownership is a true win/win transaction for all parties involved. I am honored and excited to be charged with guiding Electromek’s future growth,” said Dan.