New Renkim Board, ESOP Trustee, Strengthens Employee-Owned Corporate Structure

SOUTHGATE, Mich. -- Renkim Corporation is pleased to announce substantial changes to the organization that include new management, new board appointees and perhaps most significantly, a significant expansion of the employee-owned corporate structure. Renkim is now 100% employee-owned though the ESOP, employee stock ownership plan.

"Restructuring to 100% ESOP is a positive shift that benefits the corporation and our employees,” says Cliff Stephens, newly-appointed Renkim President and COO. “The ESOP structure promotes and cultivates a culture of employment longevity, accountability and a profound sense of pride in the workplace. It also serves as a significant benefit to recruit the best and brightest to Renkim. This is a milestone moment for Renkim.”

The company has also made a series of new executive team and Board of Directors appointments. Cliff Stephens, President and COO along with Lewis Doot, newly-appointed Vice President of Finance and Chief Financial Officer will report directly to the Board of Directors. Rob Augg will lead client growth initiatives in his new role of Vice President of Business Development and Marketing.

Outside board appointees include Chairman Richard Duffy, Tim Jochim, and David Sass.

“These appointees bring fresh thinking, talent and expertise to Renkim,” adds Stephens. “They have  already demonstrated their impact by expanding the Renkim employee stock ownership plan and reorganizing the company. Our executive team and our new board are making strategic and intentional decisions that positions us well for significant growth.”

Michael D. Gibson of Kerr Russell serves as outside counsel and Tracy Woolsley of Horizon Bank will continue to serve as the ESOP Trustee responsible for managing ESOP assets, satisfying fiduciary responsibilities, and selecting new board members.

About Renkim Corporation

Headquartered in Southgate, MI, Renkim is one of the nation’s leaders in handling financial and mission-critical documents for credit, collection, healthcare, insurance, automotive and utility companies located throughout North America. Founded in 1982, Renkim’s120 employees manage more than 65 million print and electronic mailings each month, and is full-service certified by the United States Postal Service. 100% Employee Owned.