Editor/founder Richard Gillespie has announced that Fast Cuts Edits has become 100 percent employee owned through the creation of an Employee Stock Ownership Plan (ESOP).
“As I moved towards being a more ‘senior’ editor,” said Gillespie, “I began to look for a means to pass the legacy of Fast Cuts along to my second family, our terrific employees. The ESOP became a perfect vehicle to transfer that ownership, so on January 1st all of the stock was transferred into the ESOP, which is owned by the employees. It is a very exciting transition.”
Because of the ESOP creation, current and future employees of Fast Cuts will own shares of the company; a motivating factor that many strongly feel will open new doors of success and optimization for years to come. Gillespie and executive producers Julie Koellner and Lisa Hill will continue to oversee and manage day-to-day operations.
Koellner, currently general manager and executive producer, will also assume the role of president of Fast Cuts. EP Hill will continue as director of operations and will also serve on the newly formed board of directors with Gillespie, Koellner, audio producer and corporate secretary PK Jones and effects artist Nick Mueth.
Hill was the first employee hire in 1991 when Fast Cuts was founded, and returned to work with Gillespie in 2012. “This move is very much like Richard. He has always put the clients and the employee welfare first. He really does want to see this company continue to be successful for the benefit of both.”
At Fast Cuts, creative editing is performed in six suites with Avid, Adobe and Apple software. Two Autodesk finishing suites feature Smoke, Flame and color grading in Lustre. Graphics design is accomplished on multiple workstations with the latest in 3D and 2D animation. Audio mixing, music scoring and sound-design happens in two Russ Berger designed audio suites, both equipped with Pro-Tools, surround sound and big screen projection for a theatre mixing experience. Everything is linked together via a huge DDP Server, making it possible to work on projects in multiple rooms simultaneously for more efficiency.
