Truserv requests CEO’s resignation

Pamela Forbes Liebermann, president and chief executive office of the US cooperative Truserv, has handed in her resignation. The board of directors had requested her to do so, though she “deeply regrets” the move, according to the company’s official press statement. In the words of chairman Bryan Ableidinger, “While this has been a difficult decision, now is the right time for new leadership with greater operational experience necessary to implement the company’s strategic plan.” Board member Thomas S. Hanemann has been installed as interim CEO to lead the company’s day-to-day operations until a permanent successor to Liebermann has been found as soon as possible in 2005.
The announcement about Liebermann’s resignation came just four days after publication of the latest quarterly results. These show that the cooperative had revenue of US $ 474.5 mio (€ 373.4 mio) from July to September 2004, a decrease of 0.9 per cent on the same period a year ago. However, revenue was up by 3.0 per cent to US $ 1.5492 bn (€ 1.2191 bn) for the first nine months of the current financial year. According to information from the company, the increase was primarily driven by same-store sales growth. In both of these reporting periods there was a definite increase in net margin, to US $ 13.4 (€ 10.5 mio) in the third quarter versus a loss of US $ 9.8 mio (€ 7.7.mio) a year ago and to US $ 32.4 mio (€ 25.5 mio) between January and September versus US $ 11.0 mio (€ 8.7 mio) in the first nine months of 2003.