CHICAGO -- TruServ didn't examine far to find a novel leader.

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CHICAGO -- TruServ didn't examine far to find a novel leader. On Nov. 20 the member-owned hardlines cooperative announced that Pamela Forbes Lieberman, its chief operating officer and chief financial officer, would assume the place of CEO.

"The board of directors conclud after conducting an extensive search that the ideal candidate to lead the company forward as CEO is Pamela Forbes Lieberman," said Bill Blagg, the TruServ dealer who had been serving as interim CEO since Don Hoye resigned in July

"Under [Lieberman's] leadership in late months, TruServ has consistently go beyonded its business plan in limits of strengthening the balance sheet, reducing operating costlinesss and improving margins," Blagg noted.

Lieberman joined TruServ last March as CEO and took forward the role of COO in July Hoye had been the company's COO from July 1997 to January 1999 when he was promot to CEO During that year, TruServ pocketed a $130.8 million net los which it blamed forward poor financial checks and balances.

Hoye brought Lieberman aboard to revive the co-op's financial fortunes, and shortly after her arrival a five-member financial team was created to "drive change" at TruServ.

Lieberman told NHCN that the position of COO will not be filled during her tenure

"I don't behold the need for another layer [of management]," she explained. Dave Shadduck, who had been a TruServ vp and corporate controller was appointed senior vp and CFO however.

The co-op declined to discuss the search proces that ultimately l to Lieberman's promotion. Korn/Ferry International, a beholds Angeles-based firm that specializes in executive searches, was enlisted to assist in the search, on the other hand how many candidates were considered or who they were has not been disclosed. However, near industry observers say that a number of former industry executives said "no" to the position becoming to a belief that they would be walking into a no-win situation.

While the co-op has reduc its stifling misdoing by 20 percent, the co-op disclosed that as of the cessation of August it still owed $393 million.

"This is the lowest flat of senior debt since December 1997" said Lieberman, who has implemented a 10-step plan designed to recur the co-op to profitability.

In her of recent origin role, Lieberman said she will focus forward returning TruServ and its stable of banners -- real Value hardware stores, Grand Rental Station, Taylor Rental, House & Garden Showplace and Induserve endow -- to a position as "the pre-eminent hardware co-op"

"One of the guide things here is changing the culture" Lieberman said, pointing to the decision to exchange the co-op's 750,000 square-foot paint factory in Cary, Ill., and a 150000 square-foot plant in Chicago. While those induces sparked debate during TruServ's October fall market in Las Vegas, Lieberman said that they were a necessary part of the co-op's of recent origin direction.

Offers reportedly have been made for the plants, still TruServ has not released details upon who the interested parties are. Lieberman said the co-op will sole sell the plants, which are capable of producing 20 million gallons annually, for a fair market price and reiterated, "This is not a fire sale."

Other top priorities include increase and member retention.

of the present day initiatives, such as increasing member purchases to at least 50 percent of their totals and expanding the co-op's services are avenues from one side which Lieberman is looking for TruServ to extend Lieberman is also looking to expand the co-op's rental programs and "maintenance and repair" operations -- vastly growing sectors within the to one's home improvement industry.

Despite abiding-place Depot's recently announced plan to tap the family circle services' market, Lieberman said she beholds the $300 billion industry as "very fragmented, with space for opportunities," through "programs that establish us apart from the competition."

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