MURRAY, Ky. (AP) - The president and CEO of a trucking company in southwestern Kentucky plans to sell 100 percent of his company stock to his employees.
Paschall Truck Lines Inc. boss Randall A. Waller says the sale solves several issues, including giving him an exit plan from the leadership of the company he purchased 40 years ago.
Waller told the Murray Ledger & Times he's now an employee with a long-term contract and thoughts on how to build and grow the company.
Paschall Truck Lines?currently has 1,384 employees between its facilities in Murray, Ky., Franklin, Tenn., West Memphis, Ark., Indianapolis, El Paso, Texas, Brownsville, Texas and Laredo, Texas.
Waller's stock sale is made possible through an Employment Stock Ownership Plan, a method several companies have undertaken the past several years.