Davey employees, retirees, business partners and executive
leadership gathered for the Davey Company's Annual
Shareholders' Meeting in Kent in May to reflect on 2023
and celebrate a record-setting revenue year.
Davey Chairman, President and CEO Pat Covey, along with
Davey Executive Vice President and Chief Financial Officer
Joe Paul, gave an overview of operations and financial
performance in 2023 during the meeting, which was held
in-person and broadcast live online.
A RECORD REVENUE YEAR IN 2023
The Davey Company reached $1.697 billion in total annual
revenue in 2023. That represented an increase of 12.1
percent over the total annual revenue of $1.513 billion
recorded in 2022.
Covey said that increase was fairly evenly split between
the Residential/Commercial (R/C) and Utility services
operating groups. Davey saw a 7.3 percent increase in
operating profit in 2023 over 2022.
"We had a really solid year overall," he said.
ELIGIBILITY FOR STOCK PARTICIPATION
SHORTENED
Davey employees are now eligible to participate in the
Employee Stock Purchase Program (ESPP) after six months
of continuous service. Company shareholders cast votes
to approve several proposals, including shortening the
eligibility period for participation in the ESPP from 1 year
to six months.
The ESPP allows employees to buy Davey shares at a 15
percent discount through payroll deductions in amounts
from $5 up to $275 per week ($550 bi-weekly).
Paul said making it possible for employees to become
employee owners earlier in their Davey careers is key to
the company's recruiting efforts.
"We are not owned by a single person or family or a private
equity firm. All employees can be owners in this company,"
Paul said. "We own this company together. If you do well,
I do well. If I do well, you do well. We are in this together.
If we prosper as a company, we all prosper."
BOARD ELECTIONS
Paul has been elected to the Davey board of directors. Paul
joined Davey in 2005 as treasurer. He was promoted to
chief financial officer in 2013, and in 2015 was promoted to
executive vice president, chief financial officer and secretary.
Paul also previously served as an officer of the company.
CHANGES TO STOCK PROGRAM,
LEADERSHIP
Scan this QR code to read
the Davey 2023 Annual
Report for more detailed
information on financial and
operations performance.
Read the 2023 Davey Annual Report
Davey Chairman, President and CEO Pat Covey speaks during
the 2024 Davey Annual Shareholders' Meeting.
22
THE DAVEY BULLETIN
|
May/June 2024
