Penmac Staffing Inc. announced today that its founder and CEO, Patti Penny, will step down as CEO on
Penmac Staffing Inc. announced today that its founder and CEO, Patti Penny, will step down as CEO on Dec. 31, according to a news release.
Penmac’s current president, Paula Adams, Penny’s daughter, will be become president and CEO effective Jan. 1.
Penny will become chairwoman of Penmac’s board of directors and will remain in an advisory role for the organization.
Penny, 70, founded Penmac in 1988. From one small office in Springfield, it has expanded into 27 offices in 10 states, which provide employment, education and training opportunities for more than 18,000 associates annually.
Adams joined Penmac in 1995 and has worked in almost every division of the organization. As president, Adams has worked alongside Penny to guide the growth of Penmac.
“Everyone at Penmac will miss seeing Patti on a daily basis, but we are fortunate that she will not be too far away to share her insight from time to time. I look forward to the future of Penmac as we continue to connect our hard-working associates with excellent employers,” Adams said, in a news release.
Penny plans to spend spend some time pursuing her personal interests: traveling, volunteering at her church and lending time to helping others, the release said.
In 2010, the Penny family transferred ownership of Penmac to its employees through an Employee Stock Ownership Plan. The ESOP allows all employees, who meet certain criteria, to own stock in the company. The plan is intended to serve as a retirement fund for long-term employees.