True Value names three new executives
Chicago-based True Value Co., which took on a new CEO in May, announced the arrival of three new executives to the co-op's leadership team.
The restructuring brings Ken Goodgame, a former Ace executive, to True Value as senior VP and chief merchandising officer. He will replace Mike Clark, who announced his retirement. Also, Abhinav Shukla joins True Value as senior VP and COO; and Tim Mills becomes the company's new senior VP of growth.
Shukla was most recently with AlixPartners, where he focused on global supply chain and performance for Fortune 500 companies. Mills was most recently VP and general manager for the Power Solutions division of HD Supply, which also formerly employed True Value's new President and CEO John Hartmann.
"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 our shareholders," Hartmann said.
True Value announced the moves along with an emphasis on its plans for growth -- particularly of its Destination True Value retail format. The co-op said it intends to continue the expansion of DTV across the country by ensuring financial support will continue. The co-op 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.
In an interview with HCN following the announcement, Hartmann said, “if I were a member, I’d want to know that our leadership is thinking about the future of our organization, and that’s exactly what we’re doing today.”
The changes come in tandem with an aggressive strategic planning process, he added. The planning involves a focus on improving retail sales, retailer profitability and the overall health of the co-op while providing “meaningful support to the consumer.”