Announcement by Alan Einstein, COFCO Chairman of the Board:
“I am proud to announce that effective today (July 20, 2016), Joan Waters is majority owner of COFCO.
As you know, this transition has been gradually progressing as Joan has purchased stock in COFCO. Joan has worked extremely hard since my Dad (founder David Einstein) hired her in 1988 and has displayed off-the-charts intensity and great leadership.
In addition, her vision to continually take our company to the next level has been a driving force for growth—resulting in our emergence as a significant and important contract furniture resource in our marketplace. Joan recognized and spearheaded important changes that were needed, but at the same time put much importance in maintaining our core values. She realized that we had a great culture within the company that Dad created and which I had “bought in to” as well.
With Joan, it has been an organic ownership transition over many years and one that makes perfect sense for the future of COFCO.
An important benefit to Joan becoming the majority stockholder is that we immediately become a WBE (Woman Business Enterprise) which qualifies us as a “disadvantaged” business organization. This status enables us to participate in many large projects that require minority or WBE participants only—some of which we are working on currently. Certification of this new status should come in approximately 3 months.
Please don’t look for any immediate management changes as Joan has been the driving force for quite some time now. I will stay on as an active partner, working on many of the things I currently do.
This is a great milestone for COFCO and I could not be happier for Joan and for COFCO. Thanks to all COFCO team members for helping us get to this day, for helping us to be successful, and for enduring all those “growing pains” over the years.