Broad-line retailer Alco’s shareholders have replaced the company’s board of directors with seven new members, effective immediately. The elections were made at the company’s annual meeting of stockholders in Dallas late last week.
“The newly installed board would like to thank Royce Winsten and the departing directors for their years of service and dedication to Alco,” said Robert J. Sarlls, who has been elected to serve as the board's chairman. “Our directors are looking forward to working with the executive management team, the employees, and all Alco stakeholders, in putting the prior distractions of the company in the past. We look forward to working diligently and tirelessly to focus and prioritize the execution of the optimal operation plan to stabilize and improve the company's performance and increase shareholder value. The board's priority is to align shareholder, board of directors and stakeholder objectives.”
In addition to Sarlls, the newly elected directors of Alco are John M. Climaco, Stanley B. Latacha, William L. Lechtner, David W. Pointer, Dilip Singh and Mark Stolper.
The shareholders also ratified votes that reaffirmed Grant Thornton as the company's independent public accounting firm and rejected extension of the term of the amended and restated rights agreement.
Founded in 1901, Alco primarily serves small underserved communities across 23 states. The company has 198 Alco stores that offer both name brand and private label products.