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Report: USA Mortgage CEO transfers stake to employees

DAS Acquisition Co. LLC and USA Mortgage founder and CEO Doug Schukar has transferred 100% of his ownership in USA Mortgage to its employees, the St. Louis Business Journal reported.

The transfer was made through an employee stock ownership plan finalized Dec. 31, 2017, and announced to USA Mortgage's 525 employees at an annual meeting.

Schukar said the plan became financially viable after he recapitalized the company, which gave him "a not insignificant" distribution that he did not disclose.

Management created a holding company that Schukar owned. That company bought all but 1 of his shares, which he then contributed to the plan.

Schukar will remain CEO of USA Mortgage, a home lender with $1.5 billion in loans nationally in 2017.