SULLIVAN TIRE ANNOUNCES EMPLOYEE STOCK OPTION PLAN ESOP will convert ownership of 68-year-old, family-owned company to its employees

Sullivan Tire and Auto Service today announced a new Employee Stock Option Plan that will turn over ownership of the 68-year-old, family-owned company to its employees. The new ESOP will ensure the legacy, brand and family culture of Sullivan Tire will remain as it began, putting their employees at the forefront and keeping the company true to its brand identity of treating everyone as if they are a member of the family.

By converting to the ESOP, the company will be 100 percent owned by its nearly 1,500 employees. Robert D. Sullivan and Paul J. Sullivan will remain with the company in their current roles as Chairman of the Board and Vice Chair, respectively, while Joseph M. Zaccheo will continue as President and CEO of the company.

“We are honored and proud that the future of Sullivan Tire will be shepherded by the people who have all played a role in helping us accomplish the brand recognition that is prevalent throughout New England,” said Paul Sullivan. “When Bob and Mary Sullivan started the company, they decided that respecting our employees and their families was going to be a key foundation of Sullivan Tire; this ESOP will carry on that belief.”