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
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