SHOREVIEW, Minn.–(BUSINESS WIRE)–Deluxe Corporation (NYSE: DLX) recently made a bold and unprecedented
move for the company, investing in its future by making every North
American employee a company shareholder. Newly appointed Deluxe
President and Chief Executive Officer Barry C. McCarthy announced the
news via live broadcast to thousands of employees earlier in the second
quarter.
“One of my most important early goals was to begin the cultural
transformation from a traditional manufacturing company to become a more
tech-like company, driving innovation with constant reinvention,”
McCarthy said. “I set the aspiration for us to become a Trusted,
Tech-Enabled Solutions Company™. A hallmark of tech companies is an
ownership culture.”
In order to drive the company toward an ownership culture, McCarthy and
the Deluxe Board of Directors wanted to align employees and shareholder
interests around share price appreciation. To achieve this objective,
Deluxe sought to emulate other tech companies by sharing equity with all
employees, an important step in the company’s continued transformation.
Each North American employee received a stock grant in Q2, kicking off
Owner’s Week, which both celebrated and educated employees about their
new roles and responsibilities as shareholders. Deluxe employees have
been encouraged to make decisions “like owners,” focusing on ways to
better serve the company’s 4.8 million small business customers and
approximately 4,600 financial services customers. Deluxe also launched a
multi-platform educational effort to ensure that employees across the
board had ongoing access to information about owning stock.
“Tech companies think and act differently. Employees with a vested
interest in the company benefit more directly when the company thrives,”
McCarthy said. “Part of the message our Board of Directors and I wanted
to send is that we are a New Deluxe, that we are one company working
together. This is really central to our transformation process.”
The stock grant aligns the goals of employees and shareholders to
encourage the drive toward growth, profitable return on investment and
the company’s sustained success. The initiative is designed to
accelerate Deluxe’s transformation into a trusted, tech-enabled
solutions company, serving enterprises, small businesses and financial
institutions.
In the past six months, since McCarthy was named President and CEO,
Deluxe has unveiled a new go-to-market strategy that is designed to move
Deluxe from being a company of companies to a company of products.
Additionally, the company announced its shift from mergers and
acquisitions (M&A) driven growth to organic sales driven growth,
supplemented by M&A. Deluxe announced its intention to target four
areas: Cloud, Payments, Promotional Products and Checks. Since joining
Deluxe, McCarthy has hosted a customer conference with 600 customers;
spearheaded development of new employee values; and, developed long-term
relationships with some of the nation’s leading brands. To learn more,
go to www.deluxe.com.
About Deluxe Corporation
Deluxe is a Trusted, Tech-Enabled
Solutions Company™, serving enterprises, small businesses and financial
institutions, offering a range of solutions to help customers manage and
grow their businesses. Approximately 4.8 million small business
customers access Deluxe’s wide range of products and services, including
incorporation services, logo design, website development and hosting,
email marketing, social media, search engine optimization, payroll
services along with customized checks and forms. For our approximately
4,600 financial institution customers, Deluxe offers industry-leading
programs in data analytics, customer acquisition and treasury management
solutions, including fraud prevention and profitability as well as
checks. Deluxe is also a leading provider of checks and accessories sold
directly to consumers. Deluxe is headquartered in Shoreview, MN with
significant operations in the Kansas City and Atlanta metro areas, with
additional sites across he globe. For more information, visit us at www.deluxe.com,
www.facebook.com/deluxecorp
or www.twitter.com/deluxecorp.
