Forbes previously estimated that Gary Erickson and his wife Kit Crawford, who own at least 80% of the business they ran as co-CEOs for many years, would walk away with $1.53 billion (after taxes), bringing their collective net worth to $1.6 billion.
, paid volunteering–and of course the ESOP program. In 2012, the company gave each of its employees bicycles with their names and start dates engraved on the side. Erickson and Crawford had hosted annual bike rides and barbecues for employees.
“For a company like Clif Bar that really touts it being an employee-first company and really having these strong values—being all about the way we treat each other—to not have any consideration given for my situation was just shocking and disappointing,” said the employee, adding: “I had to come home from the hospital and instead of having a nice family moment, I had to go and be in a room by myself and talk to HR.
Clif Bar spokesperson Pfaff did not comment on specific incidents but said the layoffs were made with the goal of doubling the size of its business and “its positive impact on the world.” “This required assessment of skillsets throughout the organization and culminated in the difficult decision in Feb. 2021,” explained Pfaff. The company went on to hire 50 new employees “in areas such as innovation, data and analytics,” she said.
Mary Josephs, the founder of the boutique investment firm Verit Advisors, helped Clif Bar set up its ESOP back in the spring of 2010. . She said the owners wanted it to be a reward for employees who had stuck with them through the tough early years.
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