News Releases

True Value Announces Retirement of President and CEO Lyle Heidemann

April 15, 2013

John R. Hartmann named new President and CEO

CHICAGO, April 15, 2013 – True Value Company today announced the retirement of President and Chief Executive Officer Lyle Heidemann. John R. Hartmann will serve as the cooperative’s new president and chief executive officer, following the retirement of Heidemann, effective May 31, 2013. Heidemann will continue to serve True Value through the end of 2013 as an advisor.

"As I reflect on the past eight years with True Value, I would like to thank two significant groups of people that have made these years personally rewarding for me: our True Value associates and our True Value retailers," said Heidemann. "I leave feeling confident in the future of True Value. John is an exceptional leader with strong strategic thinking skills, tremendous financial acumen and a true passion for the entrepreneurial spirit. He and our True Value associates and retailers will have continued success."

Hartmann brings to True Value more than 15 years of corporate experience, including 11 years in the home improvement/hardware retail sector, according to Brent Burger, chairman of the board for True Value Company. As chief executive officer of Mitre 10, a New Zealand-based hardware cooperative, Hartmann built and executed a strategic plan that is on track to increase members' profitable sales over 25 percent in a four-year period. Prior to his time with Mitre 10, Hartmann spent eight years at Home Depot and HD Supply in a variety of roles, including long range planning, strategic business development, operations and sourcing. He finished his tenure as chief operating officer of the electrical and plumbing/HVAC divisions. Hartmann holds a Bachelor of Science degree from Rochester Institute of Technology and a JD from Syracuse University College of Law.

"The True Value board conducted an extensive search process to choose the ideal person to succeed Lyle," said Burger. "John was our unanimous choice. He has a deep understanding of consumer expectations, product distribution, and the competitive landscape, and equally important, he has a clear understanding – with first-hand experience – of the hardware co-op environment."

True Value Company, headquartered in Chicago, is one of the world's largest retailer-owned wholesale hardware cooperatives with gross billings of $1.9 billion and revenue of $1.4 billion in 2012. The True Value cooperative includes approximately 4,600 independent retailer locations worldwide operating under the store identities of 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.