Paul

When the Team Wins, Everyone Wins

To Our Community,

I had some very good news to share with our employees today. I would like to share this news with you as well.

First-Quarter Employee Bonus

If you have been following my regular updates, you know that our first-quarter financials are very positive. Business is good, sales remain strong, and savings before taxes (SBT), or profit, is both positive and ahead of budget.

During business review sessions with our employees in January, I made a promise to them that we would review these metrics quarterly, and whenever possible, we would make every effort to share a portion of our positive earnings with each employee, and reinvest any remainder back into our businesses. When the team wins, everyone wins.

Today I am happy to report that this morning, the leadership team approved a $300 discretionary bonus to be paid out to all employees, excluding the leadership team. The bonus will be reflected in the paycheck of May 20.

The key words in all of this are team and earn. Again, harkening back to January’s sessions there is no money from the federal government this year to help provide bonuses. So, we can only pay bonuses the old-fashioned way—we must earn them. Our employees continue to crush it.

Floating Holiday

I have more great news! Effective June 1st, full- and part-time Co-op employees will have one (1) paid floating holiday that may be used between now and the end of this year. Going forward, the floating holiday will renew each January 1st. This floating holiday may only be used in the year in which it is granted and does not roll over from one year to the next.

While it is an individual choice how employees use this holiday, it is our hope that they will use this paid day off on a day that is meaningful to them.

Wrap Up

My thanks to all of our members and shoppers for the continued support. Reach out to me anytime. In the meantime, have a great Mother’s Day weekend, and remember to be kind to one another and to yourselves. We look forward to serving you in our stores and at the curbside.

Onward and upward,

Thanks,

Paul

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Paul Guidone

Paul Guidone

Paul Guidone, CFA, spent the better part of four decades in the investment management business here and abroad. He held positions ranging from analyst through Deputy Chairman and Group CEO, at organizations such as Citigroup (US) and The HSBC Group (London and Hong Kong). He joined the Co-op in 2016 as the CFO and in 2018 became Strategic Advisor to the General Manager. Paul was appointed by the Co-op Board as interim General Manager in March 2020 and General Manager in September 2020. To contact, email PGuidone@coopfoodstore.com.