Margaretville Telephone Company Completes Transition to Employee Ownership

The Margaretville Telephone Company (MTC) has completed its transition to 100% employee-ownership making it the first regulated utility in the State to achieve this status. The closing of the transaction on June 7th follows five generations of Birdsall / Roadman family ownership dating back to the founding of the company in 1916. The Employee Stock Ownership Plan (ESOP) has been the primary retirement vehicle for MTC employees since its inception in 1985. In 2018, the company completed a secondary phase of the ownership transition with the ESOP gaining a majority ownership share of the company at that time. The closing on June 7th culminates a long-term, multi-year plan to complete the transition to 100% employee ownership. Final regulatory approval was granted by the NYS Department of Public Service in April.

Karen Harris, (Roadman Family Representative and Board Member) reflects, “I am so grateful to have the privilege of working with my family, the MTC board, and Glen Faulkner, to find a creative solution that keeps jobs and profits in the local economy. I know my parents and grandparents would be grateful and proud.”

Larry Roadman, (Chairman of the Board) notes, “It is especially meaningful that we are completing this transfer of ownership at this particular time. Over much of the company’s 107-year history, the Birdsall and Roadman families have depended on employee senior management to lead the company, in daily operations and in longer term strategic directions and partnerships. Over the last decade, management and staff have guided MTC through an intensive period of growth, transitioning from a telephone company to a broadband company, and at the same time more than doubling its size and coverage area.”

Doug Hinkley, (General Manager from 1976-2007 and Board Member) states “It has been my honor and privilege to work at MTC for my entire working career. The ESOP allows the company to live on and offers the family an opportunity move on to new initiatives. We could not have written a better script.”

Glen Faulkner, President and CEO, notes “This has been a very exciting accomplishment for all of us at MTC! The employee-ownership model sets forth a structure which benefits all stakeholders, the company, employees, and community alike. It was the desire of all parties to keep the management and ownership aspects of the Company local. The ESOP fosters greater employee engagement, career growth, and job satisfaction. The region benefits by retaining a growing company which offers employment opportunities and continued investment back into our local communities.”

Over the upcoming months, MTC plans to introduce several new service offerings and technology enhancements which are already in their final testing phases. Continued investments in broadband expansion to unserved and underserved regions will remain a top priority for the Company.

Photo Description: MTC Board of Directors and Management Staff From Left to Right

Jacob Johnson, Customer Experience Manager (MTC)

Walter Carman, Network Operations / IT Manager (MTC)

Madie Decker, Senior Accountant (MTC)

Donald Bramley, Chief Financial Officer (MTC)

David Reilly, Board of Directors

Jennifer Telesky, Board of Directors

Larry Roadman, Founding Family Member, Board of Directors

Karen Harris, Founding Family Member, Board of Directors

Doug Hinkley, MTC General Manager 1971 – 2007, Board of Directors

Cambria Tallman, Executive Assistant / Human Resources Manager (MTC)

Glen Faulkner, General Manager (MTC)