BOLTON, Ont. – Titanium Transportation Group wants its employees and owner-operators to also be owners.
The company announced this morning it is implementing a share purchase plan for the company’s employees and owner-ops, pending shareholder approval at its annual meeting June 13. The plan will allow qualified employees and owner-operators to enroll and to receive a matching share for every share they purchase under the plan.
“The goal of our share purchase plan is to encourage an ownership interest in the operation, growth and development of our company by all of our truck drivers and staff,” said Ted Daniel, CEO of Titanium. “Companies with employee share purchase plans have demonstrated superior profitability and lower employee turnover rates, two very important considerations, especially once truck transportation capacity begins to tighten in the industry. As the only Canadian trucking company with a share purchase plan like ours, we believe this will further differentiate Titanium from its competitors.”
The share purchase plan has been approved by the company’s board of directors and conditionally approved by the Toronto Venture Exchange. Participants will be able to contribute up to 5% of their compensation towards the plan in each pay period. The company hopes to roll out the plan by September.