NASHVILLE, Tenn. (AP) – Incoming Tennessee Gov. Bill Lee announced Wednesday he’s giving up control of his large heating, cooling, plumbing and electric business and the company is promising not to contract with state government as long as the Republican is in political office.
“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 statement.
The Franklin-based Lee Co. employs more than 1,200 employees, generates $225 million a year and operates throughout middle Tennessee, northern Alabama and southern Kentucky.
Lee, who had worked at the company for more than 35 years, resigned as chairman on Dec. 21. The company’s board of directors then signed a resolution removing Lee as chair effective Wednesday. On the same day, Lee’s stock entered into a blind trust. He will be inaugurated Jan. 19.
Political officeholders often create blind trusts where financial advisers manage their financial holdings to avoid the appearance of a conflict of interest.