Baker Roofing Company, a Raleigh-based business that ranks among its sector’s national leaders with about 27 locations, said it has converted to an Employee Stock Ownership Plan.
W.P. Baker formed the business in downtown Raleigh in 1915. It now operates in eight states and employs more than 1,000 people. Leadership isn’t changing as a result of the corporate change. Mark Lee has been president since 2010, having joined the company in 1998. For many years, Baker Roofing was led by Prentiss and Frank Baker, whose grandfather founded the company.
The move rewards its workforce and “ensures the company’s core values endure for generations to come,” according to a press release.
The privately held company has no outside ownership, which it calls “a deliberate decision to prioritize employee well-being, customer continuity, and cultural consistency.”
The transition to employee ownership includes Baker Home Exteriors, a wholly owned subsidiary of Baker Roofing that specializes in residential exterior remodeling. The company also does business in coatings, restoration and metal products.
ESOPs have been around for decades, but remain a small fraction of U.S. privately held companies. The most prominent 100% employee-owned U.S. company is Publix, the Lakeland, Florida-based supermarket chain that is gaining market share in North Carolina. It operates more than 1,400 stores and has about $60 billion in annual revenue.
ESOP-owned companies with significant North Carolina operations include Atlanta-based Choate Construction, Charlotte-based Blythe Development, Monroe-based State Utility Contractors and Roanoke, Virginia-based Branch Group.
In a 2021 interview published on the company’s website, Frank Baker said, “I think that the new generation of leadership has some remarkable talents. I believe in them fully and I think in the future we’re going to do nothing more than get better. Because I think they have the right management style for the type of business we’ve become. Prentiss and I for decades had to do pretty much everything, there just weren’t that many people around. So, these guys can divide responsibilities and they each can concentrate on what they’re best at, which I think is going to be a long-term benefit.”
Baker ranks among the state’s largest private companies, according to Business North Carolina’s annual survey.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.
CONTACT US:
© Copyright 2025 Business North Carolina. All Rights Reserved
Website by Web Publisher PRO