GVTC’s annual meeting last week introduced new members to the board of directors, recognized a prestigious award recipient and announced increases in two of GVTC’s programs.
Held in New Braunfels Civic/Convention Center on Wednesday, June 26, the annual meeting focused on the future of the company and GVTC’s mission for long-term viability.
“The board of directors, management team, and over 200 employees continue their commitment to fulfill this mission every day,” said a GVTC official in an official statement.
GVTC welcomed four incumbents and one new member onto this year’s board of directors.
Returning members included Charles “Chuck” Knibbe who will serve as chairman of the board and director of District II, position 1; David Esser of District III, position 3; Alan Buxkemper of District IV, position 2; and Susan Bogle of District IV, position I.
The newest member to the board was Scott Kramer, who will serve ad director of District III, position 4. Kramer replaced longtime board member J.B. Lester, who retired after serving on the GVTC board of directors since 1961.
“GVTC is a cooperative working to enhance the communities it serves, and the board of directors strives to aid in that mission as best we can,” Knibbe said. “It’s really a team effort.”
GVTC also recognized its 2019 President’s Award recipient.
“This honor is awarded annually to an employee or teams of employees who have made the most outstanding innovations or improvements at GVTC,” a GVTC official said in a released statement. “The 2019 recipient, Financial Analyst Mike Ferriera, demonstrated superior expertise amidst the development of GVTC’s Member Dividend Program.”
Ferriera developed a financial model that allowed GVTC to predict how much would be paid out in dividends.
“His forecast was so precise that it was 99.9% accurate on a total member dividend payout of $9.7 million in 2018,” a GVTC official stated. “This is particularly impressive as the Member Dividend Program was the first of its kind in the industry, and Mike had no historical data to assist in his analysis. Mike’s innovation, dedication, teamwork and unrelenting pursuit of excellence have set a new standard at GVTC.”
The company also announced increases to two of its successful programs; the member dividend program and the capital credit distributions.
“Due to the success seen in 2018 from their loyal customers, the GVTC Board of Directors approved increasing the Member Dividend Program distributions from $9.7 million in 2018 to $10.7 million beginning July 1, 2019, and increasing Capital Credit distributions from $6 million in 2018 to $7 million in 2019,” GVTC said in a statement.
This equates to a $1 million increase in each program.
“Our success is a testament to the hard work of our dedicated employees, the visionary leadership of our Board of Directors, and the fierce loyalty of our customers,” said CEO and President of GVTC Ritchie Sorrells.
For more information about GVTC visit https://gvtc.com.