NASHVILLE, Tenn. (AP) — 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 Co. on December 21. Lee had worked at the company for more than 35 years.
Lee’s transition team says the newly elected Republican will no longer have communication with the company regarding contracts and other business decisions.
Political officeholders often create blind trusts where financial advisers manage their financial holdings to avoid the appearance of a conflict of interest.
Lee’s holdings will be managed by Nashville attorney Robert “Bo” Campbell Jr.
Lee is scheduled to be inaugurated January 19.