CTEH® has new ownership – its employees.
Founded by a handful of scientists back in 1997, the Center for Toxicology and Environmental Health, or CTEH®, went on to become the first company incorporated under University of Arkansas for Medical Sciences’ business incubator, now known as BioVentures. Since that time, the company has steadily grown and now employs over 120 full-time personnel in nine states and another 100 part-time staffers.
Due in part to this growth and the fact that a strong group of young and up-and-coming scientists and experts are taking on key roles within the company, the founders and owners of CTEH®, recently decided to switch to an employee-ownership model. To this end, the company has signed an agreement to expand the number of principals at CTEH® beyond the ownership team of Dr. Phil Goad, Dr. Alan Nye, Dr. Glenn Millner, Ted Snider and Cory Davis.
The new employee ownership plan initially allows approximately 100 employees to share in the profits of the company, with the opportunity for additional participation in the future. Most of the employees work at the company’s headquarters in North Little Rock, Ark.
“We are pleased with this decision,” said Millner, co-founder and principal toxicologist. “This will accelerate the growth and success of CTEH® by helping to retain and recruit the best talent in the industry. It will also expand and personalize our high standards of providing our clients science-based environmental solutions, based on sound data, evaluation, research and response management.”
The current leadership structure will remain in place. Snider and Davis will continue in their current roles as president / chief executive officer and vice president, respectively. All owners plan to remain involved in the business.
“As the original founders, we are pleased to have the opportunity to keep our prior commitment to acknowledge and reward the contribution of the many employees who have contributed to the success of the company,” said Goad, co-founder and chairman of the board. “We will continue to provide scientific and response management solutions to our many clients, and we look forward to preparing our future leadership through mentoring support on an ongoing basis.”
Dr. Jay Gandy, professor and department chair in the Department of Environmental and Occupational Health at UAMS and retired CTEH® founder, said that the company has matured beyond the core group that came together to launch the company.
“It’s very rewarding to see that the company has grown to a point where it can start turning ownership of the company over to the employees,” said Gandy, who helped bring CTEH® into the UAMS incubator. “The company image is no longer just the founding partners. It truly has its own brand, and the next generation of leaders has emerged that can carry the company into new phases of growth.”
Co-founder Nye summed up the move, saying; “This is an exciting time for CTEH® as there is always a more entrepreneurial culture found in an employee-owned atmosphere.”