Terry Wiberg (left) who joined the Spinato’s team 24 years ago as a dishwasher and is now not only food and beverage director, but a co-owner of the company through the recent ESOP, is pictured with Anthony Spinato, CEO (photo by Angela Moneyhon).
After more than five decades as a family-owned business, Spinato’s Pizzeria & Family Kitchen announced in October that the company has transitioned 49 percent of company ownership to eligible employees in an Employee Stock Ownership Plan (ESOP).
The company said that the decision was made more than two years after reviewing succession and legacy options, adding, “The Spinato family is celebrating this new family and employee ownership partnership with joy, gratitude, and an enthusiastic nod to the future.”
The Spinato family began to discuss the restaurant’s legacy and succession planning during a family retreat in 2022. Ken Spinato, the family’s patriarch, opened Spinato’s first restaurant in 1974 in Scottsdale with his wife, Elaine. Now in his 80s, Ken continues to greet guests at the restaurants, but the Spinato family knew they were approaching a pivotal time in the family business.
The family will continue as majority owners, and the new ESOP provides team members with a chance to share in profits, while contributing to Spinato’s continued growth. Anthony Spinato leads the team of more than 420 employees as CEO, and the Spinato family will be active in managing operations and guiding employees at its six locations in Tempe, Scottsdale, Gilbert, Ahwatukee, Central Phoenix and North Phoenix.
To learn more, visit www.spinatospizzeria.com.
