Experience
The ESOP Association, Washington, D.C., President/CEO 1991 to 2019.
ESOP, or employee stock ownership plan, is a tax qualified deferred compensation plan, broad-based in number of employees participating, and with assets primarily in employer stock, contributed by the employer, and allocated to plan participants, who therefore have a financial stake in her/his/their employer as an owner.
As President of The ESOP Association
- provided support and resources to its members to establish and strengthen a grass-roots movement that, for nearly 30 years, influenced the majority of Congresspersons and Senators to enact laws to support, expand, and incentivize the creation and operation of ESOPs, and the Congresspersons and Senators never seriously considered the occasional recommendation to restrict or eliminate those laws;
- kept members informed and action oriented through successful state and regional chapter conferences, seminars, and roundtables with up-to-date information of Federal government positions—both positive and negative—that could impact ESOP creation and existing ESOPs, and proposed, implemented and executed strategies and actions to support or counter;
- created ESOP-unique resources setting forth best management practices and workplace implementation to increase the production, income, and profits of ESOP companies, the work ethics of employees, and increase the companies’ stock value in employees’ ESOP accounts which notably outpaced the stock value of conventionally owned companies;
- increased the number of individuals attending Association national conferences, and the chapter programs from approximately 1500 persons in 1992 to over 11,000 in 2018;
- led and was personally responsible for all communications efforts with Association members regarding government relations and other key Association matters, including authoring over 2000 pages in newsletter columns, such as the “President’s Page” and the “Washington Report”; visited over 600 Association corporate members and interacted with employees of all levels; gave keynote and major speeches nearly 300 times at Association national and chapter meetings; corresponded with and advised on individual Association members’ issues, totaling approximately 3000 direct communications each year; and interacted with or appeared as a guest on outside media outlets on approximately 1500 occasions;
- during tenure, the Association grew from 1200 members to nearly 3000 members, and gross revenues grew from $1.2 million in 1991 to over $7 million in 2018;
- created and implemented a vision for broad-based ownership to become a national movement by having respected thought leaders across disciplines who, through their policy work, recommended expansion of having more owners of productive assets of the nation’s economy. This vision led to the creation of the Association’s affiliated 501(c)(3), the Employee Ownership Foundation, which funded the use of objective, unbiased, macro data from qualified researchers and think tank leaders to prove that broad-based ownership would benefit all and is a profound national economic and cultural policy. Had direct role in the establishment of The Foundation, which has funded over 60 academic fellows through the Rutgers Institute for the Study of Employee Ownership and Profit Sharing, of which the Foundation is a “Founding Funder” of its endowment;
- management of the Association not only resulted in strong, unwavering support of the large majority of members of Congress, a growth of thousands attending Association conferences and meetings to learn more about employee ownership to improve corporate performance for all, but also the loyalty of the Association staff evidenced by an average tenure of 15 years for full-time employees, as of the end of 2018.
The ESOP Association, Washington, D.C., General Counsel, 1984 to 1991.
While in the private practice of law, and not an employee of the Association, served as the General Counsel. Representation and lobbying efforts contributed to the inclusion of the first unique tax incentives for the creation and operation of ESOPs in the tax law of 1984, all of which one are still current law. When the House Ways and Means tax committee drafted the tax bills of 1986, 1987, and 1989, there were proposals before the Committee to reduce or eliminate the 1984 pro-ESOP laws, but lobbying efforts ensured none were adopted. Also had extensive interaction with regulatory agencies concerning ESOPs, such as the IRS and Department of Labor, to further assist in the development of regulations and policies pertaining to ESOPs, which also resulted in no negative regulations hindering the creation and operation of ESOPs.
David P. Stang, PC, and Zuckert, Scoutt, and Rasenberger, LLP, Attorney, 1981 to 1991.
Private practice of law. In addition to The ESOP Association, clients included the American Truck Dealers, National Association of Royalty Owners, Small Business Council of America, Sun Oil, multiple corporations involved in providing services to other U.S. corporations which developed offshore oil and gas production, and the City of Austin, Texas, among others, involving relevant legislation and government regulations.
Staff leader responsible for all of Congressman’s operations, administrative, constituent, and legislative/oversight activities, with a focus on tax laws; significantly involved in oversight/investigations of Executive Branch actions that were “not in accord with law, regulations, or ethical practices.” Assisted the Congressman in all aspects of two major investigations of the ITT/Hartford merger in the mid-70s, and the Central States Teamsters Pension Fund for loans made to organized crime figures for acquisition of hotels/casinos in Las Vegas in the 60’s. These two major investigations led to amendments to tax laws proposed by Congressman Pickle that are still the law—one was to make “private” letter rulings by the IRS “public”, and the other was to require tax returns of tax-exempt entities, such as pension funds, be public documents as well.
Wrote position papers, memoranda on key issues, and drafted speeches for the pioneering female candidate for governor of Texas in 1972. Won the second highest vote total in first primary over the so-called establishment candidates, and her loss in the run-off did not diminish her position as a national leader, including top roles in the women rights movement, and being the first woman ever nominated at a major political convention for Vice President (Democratic Party 1972 Convention), where she finished second in the delegates’ vote total.
General Consultant, Austin, Texas, 1971.
Consultant to the Texas AFL-CIO, association of Texas farmers and ranchers, and the Land Commissioner of the State of Texas. Work included assisting in the planning of a state conference, doing research on pattern of private sector financing of Texas statewide campaigns, and assisting Texas Land Commissioner in drawing Congressional and Legislative Districts based on the 1970 census. Also authored draft legislation for a group of Texas State Senators to tax the income of corporations with operations in Texas. Proposal of over 100 pages failed to pass the Texas State Senate by one vote.
Provided staff support for eight hearings by the Interim Committee, which included members from both the Senate and House of the Texas Legislature that resulted in drafting a law to have agricultural land not valued for property tax assessments based on “highest and best use”, but on the value of land as farm and/or ranch land. The draft was adopted with minor changes by the Texas Legislature in its 1971 session.
Education
Yale University, New Haven, Connecticut, Bachelor of Arts, Political Science, 1969.
University of Texas Law School, Austin, Texas, Juris Doctor, focus on Labor Law, 1971.
Volunteer Work
Senior Advisor to the United States Capitol Historical Society
Honors
Executive Fellow, Rutgers University’s School of Management and Labor Relations Institute for the Study of Employee Ownership and Profit Sharing, 2019
Forbes ESOP leadership tribute
Tribute to J. Michael Keeling, Congressional Record by Senator Ron Wyden; May 14, 2019, page S2810.
New ESOP Association Award to honor a founder of an outstanding ESOP company annually to be the “Keeling Founding Member Award”.
The Ohio Center for Employee’s “John Logue Award” for key contribution to employee ownership; 2019.
Certificate of Appreciation from Rutgers University School of Management and Labor Relations; 2017.
Life Service Award from National Association of Royalty Owners; 1991.
Life Service Award from Small Business Council of America; 1991.
