Cleveland Electric Company announced the completion of its sale to a 100% Employee Stock Ownership Plan (ESOP), marking a significant milestone in the Atlanta company’s more than 100-year history and making its employees beneficial owners of the business.

Under the new ESOP structure, eligible employees have gained an ownership stake in the company without any out-of-pocket costs. The transition is designed to reward staff for their contributions, foster long-term engagement, and secure the company’s independent legacy for decades to come. 

"Our employees are the heartbeat of this organization, and no one understands our business better than the people who work here every day," said Ken Harbour, Chief Executive Officer of Cleveland Electric. “For more than 100 years, Cleveland Electric has been built by extraordinary employees who have shaped our culture, reputation and success. Becoming 100% employee-owned recognizes those contributions while helping ensure the company remains strong, independent and positioned for future growth.”

Corey Bobo, President of Cleveland Electric, will lead the company into its next chapter as an employee-owned organization.

"Becoming employee-owned doesn't change what we do – it amplifies why we do it," Bobo said.  “Cleveland has never been stronger, and we believe our best years are ahead of us. Employee ownership gives us the foundation to grow, invest in our people, and continue delivering for our customers. This is an exciting time as we’re building Cleveland Electric for the next 100 years.”

Founded in 1925, Cleveland Electric has grown from an Atlanta motor repair business into one of the Southeast’s leading electrical and mechanical specialty contractors. Five generations of the Cleveland family have been part of the business. Today, Cleveland employs more than 1,700 people and generates over $750 million in annual revenue, serving industrial, commercial, aviation, transportation, mission-critical, healthcare and other major construction markets. 

The company’s centennial history describes a culture built around employees, customers, technical excellence and long-term relationships, with employees historically viewed as members of the extended Cleveland family. 

“Employee ownership is a natural extension of the principles that have guided Cleveland Electric for generations,” said Vann Cleveland, Vice President of Business Development. “Our employees have always been central to the success of this company. The ESOP creates an opportunity for them to participate directly in Cleveland’s future while preserving the legacy that began more than a century ago.”