Penmac founder steps down as CEO

Last edited 3:18 p.m., Feb. 23, 2012

Penmac Staffing Services Inc. founder Patti Penny will pass the CEO torch to her daughter, President Paula Adams, at the start of the new year.

Penny, 70, will become chairwoman of Penmac’s board of directors and will remain in an advisory role for the organization, which she founded in 1988. From its start in a small Springfield office, the firm now operates 27 offices in 10 states, providing employment, education and training opportunities for more than 18,000 associates annually, according to a news release.

Adams joined Penmac in 1995 and has worked in nearly all divisions, the release said. She was named president in 2006.

“Everyone at Penmac will miss seeing Patti on a daily basis, but we are fortunate that she will not be too far away to share her insight from time to time,” Adams said in the release.

In 2010, the Penny family transferred ownership of Penmac to its employees through an employee stock ownership plan. The ESOP allows Penmac’s nearly 130 employees who meet certain criteria to own stock in the company and build retirement funds. Penmac posted 2010 revenues of $77 million, according to Springfield Business Journal archives.

Penny said she plans to travel and volunteer at her church and in the community. “I look forward to using my resources, that I never had in the past, to help others help themselves,” she said in the release. 

In 2009, Penny became the first woman to receive Springfield Business Journal’s Lifetime Achievement in Business honor. In 2010, she received a national Stevie Award for Women in Business. Other awards she’s netted include an honorary doctorate in public affairs from Missouri State University and the Missourian Award, which she received in 2006.[[In-content Ad]]