TruServ Corp., the Chicago-based hardware-buying cooperative, confirmed Thursday that it is revamping its board of directors to improve its decision-making.
The board consists of 12 True Value Hardware store owners who are members of the co-op. A search has been launched to find five outside directors who have no connection to TruServ, said spokeswoman Shelley Hughes. Seven board members have volunteered to step down.
TruServ hopes to bring aboard three outside directors by May with the other two arriving by year’s end. TruServ Chief Executive Pamela Forbes Lieberman also will join the board, bringing the new total of members to 11. The changes come as the financially struggling coop attempts to trim debt levels, return to profitability and stem storeowner defections to rivals.
