Paddock Publications going to full employee ownership

The board of Paddock Publications voted unanimously Sept. 11 to switch totally to an employee stock ownership plan, the Paddock-owned Daily Herald (Arlington Heights, Illinois) reported. 

The publisher has been part employee-owned since 1976.

Doug Ray, chairman, publisher and CEO of the company, announced the move Sept. 13. The move means the end of 120 years of family ownership for Paddock. 

The descendants of founder Hosea C. Paddock are selling their interest in the parent company of the Daily Herald, the paper reported. The company will likely convert to full employee ownership before year’s end, the paper said.

Executives Robert Y. Paddock Jr. and Stuart R. Paddock III said they plan to continue to work for the company.

Besides the Daily Herald, Paddock Publications operates the monthly Daily Herald Business Ledger, the weekly Reflejos Spanish-language publication, a number of downstate Illinois papers, a commercial publishing business and various niche publications.

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