NEW YORK: Chobani yogurt founder and CEO Hamdi Ulukaya said Wednesday he had given a 10 percent ownership stake in the company to its approximately 2,000 employees.
The announcement came as candidates in the heated White House race highlighted the problem of income disparity in the United States.
“Starting today, I will have 2,000 partners at Chobani. This is one of the finest moments in my life!” Ulukaya said on Twitter.
The native of Turkey founded Chobani in 2005 in the state of New York, with the company selling its first cup of yogurt two years later.
The 10 percent ownership stake transferred to employees came from the 80 percent of the company held by Ulukaya. The other 20 percent belongs to TPG Capital, which invested US$750 million in Chobani in 2014.
The ownership stake to employees comes in the form of shares worth up to 10 percent of the company’s value when it goes public or is sold.
The shares were distributed based on seniority, with the earliest hires receiving shares possibly worth more than US$1 million, according to the company.
At the time of the TPG investment two years ago, Chobani’s value was estimated at US$3 to US$5 billion, The New York Times said.
Ulukaya will remain the majority owner.
Chobani holds 44 percent of the US$8 billion Greek yogurt market, according to Sanford Bernstein.
According to The New York Times, Chobani employees are paid above the minimum wage and receive good benefits. -- AFP