Private equity executive Pete Stavros has emerged as an unlikely employee ownership advocate. He says giving the rank and file a stake in their companies is good for workers, and good for business.
This is an updated version of a story first published on May 5, 2024. The original video can be viewed here. Fifty years ago, CEOs earned around 20 times the median worker salary. Today's CEO can make in a day what the average laborer earns in a year. No wonder there's not so much a wealth gap, as a wealth canyon, rendering the American dream—for so many—a mirage… Into this crisis strides Pete Stavros, unlikely champion for empowering—and enriching—the rank-and-file.
Today, thanks to Pete Stavros, KKR has implemented the model at more than 50 companies and counting… 100,000 employees globally—union; nonunion; in manufacturing, e-commerce, even book publishing.Jon Wertheim: Will you do a deal that doesn't have employee ownership now?Pete Stavros: In the U.S., no. We've been at this, almost 15 years. This is the new way we are operating. This is the model.In February, we visited a recent KKR acquisition: Potter Global Technologies in St.
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