Hoffer Plastics recently named Gretchen Hoffer Farb, Charlotte Hoffer Canning and Alex Hoffer as co-CEOs.
The three siblings are the third generation of family leaders for the South Elgin, Illinois-based medtech supplier. Their grandparents, Bob and Helen Hoffer, founded the business in 1953.
“Gretchen, Charlotte and Alex each bring distinct passions, perspectives and expertise to the table,” their father, former CEO William Hoffer, said in a news release. “But they have one crucial thing in common, and that’s a commitment to carrying on the Hoffer family legacy,”
Bob Hoffer served as CEO for more than 40 years. William Hoffer, who served as the company’s second CEO, will remain board chair.
The three siblings took on C-level responsibilities in 2020 to prepare them to share the corner office. Gretchen Hoffer Farb served as chief financial officer, Charlotte Hoffer-Canning was chief culture officer, and Alex Hoffer was chief revenue officer.
Hoffer Plastics said the three co-CEOs will work together on strategic business direction, capital investment decisions and performance across the business.
“The Co-CEO model is designed to facilitate smarter decision-making and lessen the pressures associated with holding this position alone, while allowing the trio to focus on individual priorities and areas of expertise within the business,” the company said in a news release. “It also externally creates clarity for customers, emphasizing the equal authority held by each co-CEO to drive decisions and approvals.”
The company credited their ability to navigate COVID-19 pandemic challenges as a team nicknamed “G3.”
“I’m proud of their collaborative spirit, relentless focus on delivering innovative solutions for our customers and, most importantly, the way they embody our core values and support each other every day,” William Hoffer said in the release. “I’m confident that the future of the company is secure under their shared leadership and am excited to see where they lead our company next.”