Gov.-elect Lee departs as chairman of Lee Company
NASHVILLE — Tennessee Gov.-elect Bill Lee is giving up control of his heating, cooling, plumbing and electric business that generates $225 million a year and placing his company holdings in a blind trust.
Lee announced Wednesday the blind trust is now effective after resigning as chair of Lee Company on Dec. 21. Lee had worked at the company for more than 35 years.
Lee Company will fulfill obligations to state contracts but will no longer pursue new state contracts, according to a release from his transition office.
With holdings in a blind trust, Lee will no longer have communication with the company regarding contracts and other business decisions, the release says.
“As I said I would do on the campaign trail, I have officially stepped away from my company and placed all of my company holdings into a blind trust to eliminate any potential conflicts of interest,” Gov.-elect Lee said in the release. “I look forward to this new chapter of public service and I leave knowing that Lee Company is in good hands with CEO Richard Perko and the Board of Directors.”
Lee will be inaugurated on Jan. 19.