Ace Hardware announces new board member and board re-elections

Ace Hardware Corporation, the largest retailer-owned hardware cooperative in the world, announced changes to the company’s Board of Directors today following its 2017 Annual Meeting of Stockholders.

Following the co-op’s June 6 annual meeting, Ace Hardware shareholders elected non-member director Karen May to her first term on the company’s Board of Directors. Ms. May is Executive Vice President and Chief Human Resources Officer of Mondelēz International, Inc. (formerly Kraft Foods, Inc.). Prior to joining Kraft Foods, Ms. May held a variety of executive leadership positions, including Chief Human Resources Officer of Baxter International and a number of executive finance and accounting positions. She also gained experience in corporate audit during her 10 years at Price Waterhouse (now PWC). She received a Bachelor of Science degree in Accountancy from the University of Illinois and based on her extensive financial experience, Ms. May is qualified as an “Audit Committee Financial Expert” under SEC rules. Ms. May will serve as Chair of the Ace Hardware Audit committee and as a member of the Compensation and Human Resources committee.

“We are pleased to welcome Karen May to the Ace Hardware Board of Directors,” said James Ackroyd, Chairman of the Board, Ace Hardware Corporation. “Karen’s diverse business background and depth of financial accounting acumen make her an ideal addition to our Board. We look forward to learning from her expertise.”

In addition to the appointment of new non-member director Karen May, Ace Hardware shareholders re-elected Chairman James Ackroyd, member director David Karsten and member director Mark Schulein to the Ace Hardware Board of Directors.

James Ackroyd has served the Ace Hardware Board of Directors as Chairman of the Board since 2014, he also sits on the Audit and Retail Supply Chain committees. Mr. Ackroyd is the Chief Executive Officer of Vision Ace Hardware LLC, a 14-store chain in Southwest Florida. He holds a Bachelor of Science degree in Accounting from Bentley College (Massachusetts) and is a Certified Public Accountant.

David Karsten serves the Ace Hardware Board of Directors as Chairman of the Finance committee and sits on the Compensation and Human Resources committee, as well as the Nominating and Governance committee. Mr. Karsten is President and Chief Executive Officer of Karsten’s Ace Hardware, a four-store chain in Arizona. He received a Bachelor of Science degree in Business Management from Western Governors University. Mr. Karsten is a National Association of Corporate Directors Governance Fellow.

Mark Schulein serves the Ace Hardware Board of Directors on the Audit and Retail Supply Chain Committees. Mr. Schulein is President of Crown Ace Hardware, a 16-store chain in Southern California and Arizona. He received a Bachelor’s Degree from the University of San Diego and is a Fellow with the National Association of Corporate Directors.

Outgoing non-member director Jeffrey Girard and member director Gina Schaefer have served the Ace Hardware Board of Directors for the maximum number of years permitted by the company’s by-laws. “On behalf of the entire Ace Hardware organization, we want to thank Jeff and Gina for their years of service and dedication to the Ace Hardware board of directors,” said Ackroyd. “Both Jeff and Gina contributed extensively over the years, helping shape the direction of Ace Hardware, we are grateful for their contributions.”

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