Kentucky-based Paschall Truck Lines President and CEO Randall A. Waller has sold 100% percent of his stock in the company to its employees through an Employee Stock Ownership Plan.
Paschall Truck Lines, more commonly known as PTL, is a truckload, dry-van freight carrier with 1,384 employees between its facilities in Murray, Ky.; Franklin, Tenn., West Memphis, Ark.; Indianapolis, Ind.; El Paso, Tex., Brownsville, Tex. and Laredo, Tex. It has been around for more than 70 years.
“Employee ownership of PTL has been a dream of mine for a long time and makes the fulfillment of my promise to keep PTL in the communities in which we now work even more possible,” said Waller.
Waller reportedly examined a number of options to sell his ownership in the company.
“In the end, Mr. Waller felt that the ESOP provided him a fair return on his investment, and just as importantly, ensures that the headquarters and primary administrative functions will remain in Murray,” said Chuck Wilson, chief financial officer.