CST to Launch Employee Stock Plan in New Year
SAN ANTONIO — CST Brands Inc. will offer employees the chance to buy the company's stock starting Jan. 1, reported the San Antonio Express-News. U.S. employees who have been with CST for at least six months will be able to participate in the employee stock purchase plan by setting aside part of their salaries to buy discounted stock.
CST President and CEO Kim Lubel began considering offering stock to employees when the company spun off from Valero Energy Corp. in 2013.
"As we set up as a new public company, one of the opportunities I could see was to give employees a chance to get in as an owner," Lubel said. "From a retail perspective, having your employees…become owners of the company certainly takes you to the next level of customer loyalty."
The employee stock purchase plan received approval from CST's board in September, according to SEC filings posted Nov. 30. Shareholders will vote on it in June. If shareholders vote against the plan, employees will be reimbursed for what was withheld from their paychecks to purchase stock.
CST Brands Inc. operates approximately 1,900 c-stores in the United States and Canada.