Alco CEO out, interim CEO appointed

Just a few days after electing a whole new board of directors, Alco announced that newly elected director Stanley B. Latacha will assume the role of interim CEO, effective immediately.



The board said that it and Richard Wilson, Alco's CEO for the last four years, mutually agreed to Wilson’s immediate departure. The board also added that Wilson was instrumental in professionalizing the Alco staff, overseeing the company's move to Texas and leading the company through a challenging retail environment.



"The shareholders have positioned Alco with strong leadership, expertise and a commitment to build on Alco's legacy of serving rural communities," said Wilson. "It has been an honor and a privilege to have worked with the dedicated team of Alco associates. I extend my sincerest appreciation for their commitment and service."



Latacha has more than 30 years of retail experience, and is credited with assisting five retail chains — ranging from $500 million to $3 billion in annual sales — achieve successful turnarounds, including Richman Gordman, Goody's and more recently, Pamida.



According to the board, at Pamida, Latacha and his team were successful in short order in achieving positive same store sales, increased total transactions, and higher average ticket size through improved and targeted promotional activities, the creation of destination departments, increased relevance and consistency of the chain's offerings to its customers and stronger connections to the community.



"I am honored with the board of directors' trust in leading the team at Alco and working with all of its stakeholders in bringing positive hands-on change to the business," said Latacha. "With the longstanding goodwill of Alco in the communities it serves, along with the hard work and dedication of the company's staff and team members and the active support of the board, I am confident that together we can make impactful improvements to the business."