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Effective URL: https://www.bdo.com/insights/press-releases/bdo-usa-to-establish-esop?utm_medium=Email&utm_source=Marketo&utm_campai...
Submission: On August 28 via api from US — Scanned from DE
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WHICH LEVEL OF ASSURANCE IS BEST FOR YOUR ESG REPORTING? ESG reporting assurance can be complex. Learn how to optimize your strategy. chevron_right * BDO'S LEGAL TECH TALK PODCAST BDO'S LEGAL TECH TALK PODCAST Learn about emerging trends, regulatory updates, and the latest headlines and tips to make the most out of legal tech. chevron_right * THE EMPLOYEE RETENTION CREDIT: WHAT TAXPAYERS NEED TO KNOW THE EMPLOYEE RETENTION CREDIT: WHAT TAXPAYERS NEED TO KNOW Discover what you need to know regarding current ERC status and requirements. chevron_right chevron_left BACK TO MENU Insights * Featured Topics chevron_right chevron_right Featured Topics * Accounting & SEC Matters * Compensation and Pay Practices * Corporate Governance * Innovation * Diversity, Equity and Inclusion * Sustainability and ESG * Evolving Economy * Global Business * Mitigating Risk * Supply Chain * Tax Policy chevron_left BACK TO INSIGHTS Featured Topics * Accounting & SEC Matters * Compensation and Pay Practices * Corporate Governance * Innovation * Diversity, Equity and Inclusion * Sustainability and ESG * Evolving Economy * Global Business * Mitigating Risk * Supply Chain * Tax Policy * Blogs chevron_right chevron_right Blogs * Nonprofit Standard * Selections chevron_left BACK TO INSIGHTS Blogs * Nonprofit Standard * Selections * Events & Webcasts * Podcasts chevron_right chevron_right Podcasts * 60-Second Retail * BDO in the Boardroom * BDO Talks ERISA * BDO To-Go Restaurant * BDO's Legal Tech Talk Podcast * BDO's Spotlight on SPACs * Private Equity PErspectives * Students Who Know * Tax at the Speed of Tech chevron_left BACK TO INSIGHTS Podcasts * 60-Second Retail * BDO in the Boardroom * BDO Talks ERISA * BDO To-Go Restaurant * BDO's Legal Tech Talk Podcast * BDO's Spotlight on SPACs * Private Equity PErspectives * Students Who Know * Tax at the Speed of Tech * About Us chevron_right expand_more About Us * BDO Alliance USA * BDO Alumni open_in_new * Careers * Community Engagement * Compliance & Ethics * Diversity, Equity and Inclusion * Global Network * Innovation * Leadership Team * Sustainability and ESG FEATURED * BDO USA TO ESTABLISH ESOP BDO USA TO ESTABLISH ESOP Purpose-driven strategy gives participating U.S. employees shared stake in firm’s success. chevron_right * BDO USA CONTINUES ON SUSTAINABLE GROWTH PATH BDO USA CONTINUES ON SUSTAINABLE GROWTH PATH BDO announced a revenue increase of over 13%. chevron_right chevron_left BACK TO MENU About Us * BDO Alliance USA * BDO Alumni open_in_new * Careers * Community Engagement * Compliance & Ethics * Diversity, Equity and Inclusion * Global Network * Innovation * Leadership Team * Sustainability and ESG search * Careers * Locations * Client Center * person Login / Register * Contact search * Home * Insights * Press Releases * BDO USA to Establish ESOP TOGETHER WE THRIVE Charting the course to our resilient future. BDO USA STEWARDS TRANSFORMATIVE NEXT CHAPTER WITH ESOP Purpose-driven strategy gives participating U.S. employees shared stake in firm’s success. CHICAGO, AUGUST 2023 − BDO USA, one of the nation’s leading accounting and advisory firms, today announced its intention to establish an Employee Stock Ownership Plan (ESOP), providing a broad base of our employees the benefit of ownership and a new model for the firm’s continued investment, growth, and long-term sustainability. When effective, BDO would be the first large public accounting firm to implement an ESOP. With more than 10,000 participating employees, BDO would be among the largest ESOPs in the country. “An ESOP is the realization of our purpose of helping people thrive, every day. It is a game-changer for our people, clients and communities, designed to improve lives for generations to come,” said Wayne Berson, CEO of BDO USA. “Amid the changing landscape of our profession, the ESOP unlocks the value of our firm today and embodies our strategy to sustain a strong, caring and resilient business for tomorrow. We are proud to establish this ESOP to invest in each other so everyone who contributes to our success has the opportunity to benefit from it.” “Today’s talented professionals have many options in choosing where to start and build their careers,” shared BDO USA Chief People Officer Cathy Moy. “BDO has long been distinguished by a culture which puts people first with a commitment to thriving together. The ESOP will be unique and innovative in our profession and supports our goal to be an employer of choice.” An ESOP is a qualified retirement plan established as a trust, where current and future employees receive beneficial ownership in the company over time. Through the allocation of company stock, participating BDO USA professionals will be able to access a retirement plan that requires no out-of-pocket contribution, helping them plan for their future financial well-being. “The ESOP also has material benefit to the firm,” notes Steve Ferrara, Chief Operating Officer of BDO USA. “It allows for continued investment in quality, as well as operations and growth strategies, while maintaining continuity in leadership and commitment to a longstanding vision and purpose.” Establishing BDO’s ESOP involved some of the leading ESOP advisors in the country. Stout, a global investment bank and advisory firm, acted as exclusive financial advisor and debt placement agent on the transaction. Global law firm, McDermott Will & Emery provided legal counsel. In addition, BDO has engaged an experienced, independent Trustee to represent the interests of ESOP participants. The debt financing to support the transaction was arranged by Apollo Capital Solutions and will be anchored by certain funds managed by affiliates of Apollo (NYSE: APO). The ESOP and related transactions are expected to become effective August 31, 2023. In conjunction with the effective date, BDO USA’s fiscal year end will change to December 31. Terms of the transaction are undisclosed. Media Contact: Silas Hill Zeno Group (919) 360-2623 silas.hill@zenogroup.com By investing in the strength of our culture, the resilience of our business and the future of our planet, we will continue to serve our clients to be able to care for our people and help drive equity well into the future. Wayne Berson, CEO of BDO USA The Leadership Files | Accounting Today Read Full Article ESOP FUNDAMENTALS * An ESOP is a qualified retirement plan that provides all participating employees with an ownership stake in a company. * In 1974, Congress created the legal framework to encourage ESOPs because its members believed ESOPs would create a broader distribution of wealth. * Congress also expected ESOPs to improve company performance and to provide a way for owners of closely held companies to preserve their business legacy. Learn More About ESOPs Today’s talented professionals have many options in choosing where to start and build their careers. BDO has long been distinguished by a culture which puts people first with a commitment to thriving together. The ESOP is unique and innovative in our profession and supports our goal to be an employer of choice. Cathy Moy Chief People Officer BUILDING A NEW MODEL FOR OUR FIRM OF THE FUTURE. The ESOP reflects the realization of our core purpose and commitment to helping people thrive, every day. Benefits include: * Bringing shared success to all participating employees * Providing access to a retirement plan that requires no employee out-of-pocket contribution, helping our people plan for their future financial well-being * Helping to fuel continued investment in quality, as well as operations and growth strategies * Positively positioning us to recruit and retain talent * Allowing us to preserve our 113-year-old history and culture * Honoring our past and positioning us for the future Read more about this transformational moment in BDO’s history * The Wall Street Journal BDO to Establish Employee Stock Ownership Plan as Part of U.S. Restructuring * Bloomberg Tax BDO Launches Stock Plan Giving 10,000 Workers Part Ownership * Accounting Today BDO to create ESOP with $1.3B credit deal * Journal of Accountancy Large firm shakes up business model with employee stock ownership plan * CPA Practice Advisor BDO USA Calls Its New ESOP 'a Game-Changer' for the Profession TOGETHER, WE THRIVE. Everything we do is rooted in our core purpose to help people thrive every day. It’s not only the right business thing to do; it’s the right human thing to do. This starts by putting our people at the center of our work and extends to how we treat and value our people, our clients and our communities. With a dedication to quality and a purpose-driven culture, BDO offers a powerful choice both for clients and those seeking rewarding professional careers. About Us * Contact * Submit RFP * Client Center * US Locations * Global Network * Careers * Alumni open_in_new * Legal & Privacy * Compliance & Ethics * Sitemap SUBSCRIBE Sign up to receive the latest BDO news and insights. SUBSCRIBE NOW * * * * * Do Not Sell My Personal Information as to BDO Investigative Due Diligence Opt-out of Targeted Advertising – Do Not Sell or Share My Personal Information Copyright © 2023 BDO USA, P.A. All rights reserved. BDO USA, P.A., a Delaware professional service corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. Click for sound 1:42 BDO USA uses cookies and other tracking technologies for targeted advertising purposes, as further detailed in our Privacy Policy Close and Continue Opt-out of Targeted Advertising – Do Not Sell or Share My Personal Information Your Opt Out Preference Signal is Honored OPT-OUT OF TARGETED ADVERTISING – DO NOT SELL OR SHARE MY PERSONAL INFORMATION BDO USA, P.A. uses third party cookies and similar technologies to deliver targeted advertisements, also known as data “sharing” and/or “selling” under California law, as further detailed in our Privacy Policy. In accordance with applicable law, we provide you with the ability to opt out of these activities. 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