Tennessee Governor-elect Bill Lee announced on Wednesday his departure as chairman of Lee Company and that he had placed his holdings of the company into a blind trust.
“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,” Lee said in a news 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 resigned from Lee Company on Dec. 21, 2018, after more than 35 years at the company.
The company board of directors signed a board resolution removing Lee as chairman, effective at the close of business on Jan. 9, 2019. Lee’s stock in the company enters a blind trust on Wednesday.
As previously announced, Lee Company will fulfill obligations to state contracts but will no longer pursue new state contracts. With holdings in a blind trust, Lee will no longer have communication with the company regarding contracts and other business decisions.