True Value To Accelerate Growth For Independent Retailers With Restructure Of Leadership Team

CHICAGO, Nov. 5, 2013 /PRNewswire/ -- In a move to accelerate the growth and profitability of True Value's independent store owners, one of the world's largest hardware cooperatives is announcing the arrival of three new executives to the co-op's leadership team at its Retail Support Center.

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The restructuring will consolidate the co-op's supply chain, logistics and global distribution network with a stronger focus on growth and gaining new efficiencies. Abhinav Shukla takes on the position of True Value's senior vice president and chief operating officer. Shukla joins from AlixPartners, a global business and consulting firm where he served as a consultant to Fortune 500 companies focusing on their improved financial and operational performance with particular expertise in global supply chain.

The organizational changes will also create one single function that is focused on creating new opportunities for existing retailers to increase profitability while continuing to draw new entrepreneurs to invest in new stores with the co-op's successful Destination True Value (DTV) store format. Tim Mills will become the company's new senior vice president of growth, having held roles at leading distributor HD Supply in sales, operations and strategic development. Mills most recently served as vice president and general manager for the Power Solutions division.

In separate news, Ken Goodgame will join the company as senior vice president and chief merchandising officer, most recently serving as general merchandising manager for Ace Hardware. He will replace Mike Clark who announced his retirement, and brings diverse executive leadership in retail, consumer goods and hardware manufacturing.

"I am focusing the entire organization on the future of the independent community hardware retailer to ensure their viability for years to come," said True Value President and CEO John Hartmann.

These changes come in tandem with Hartmann's roll out of an aggressive strategic planning process at the co-op. Hartmann has made the commitment to True Value's membership of more than 4,000 independents, to strengthen True Value's customer focus and drive greater retailer profitability. Hartmann took on leadership of the company in late May, having spent more than 10 years in the home improvement/hardware sector. Most recently as CEO at New Zealand-based Mitre 10, Hartmann departed the co-op with sales up more than 9 percent, while also leading three years of sustained growth.                                                               

The co-op intends to continue the expansion of DTV across the country by ensuring financial support will continue. True Value has supplied $25.5 million in loans for new stores and another $38.5 million in loans to refresh current stores in the past six years.

"Building on a solid foundation, I believe True Value's best years are ahead of us. These three new leaders will help us move more quickly and be more nimble as we focus on increasing our value and elevating our performance for both our customers and shareholders," said Hartmann.

True Value Company, headquartered in Chicago, is one of the world's largest retailer-owned hardware cooperatives. The True Value cooperative represents independent retailer locations worldwide with retail sales in their communities totaling approximately $5.5 billion. Store identities include True Value, Grand Rental Station, Taylor Rental, Party Central, Home & Garden Showplace and Induserve Supply. Additional information on True Value Company and its retail identities is available at www.truevaluecompany.com.

For more information, contact:
True Value Media Relations - (913) 660-9624

SOURCE True Value

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