Duckwall-ALCO ceo resigns, board under pressure
February 22, 2008-- Home Textiles Today,
Abilene, Kan. – Rural general merchandiser Duckwall-ALCO Stores today announced the immediate resignation of president and ceo Bruce Dale, who had joined the company in 2005 to help steer a three-year turnaround.
While a search committee is active, svp and cfo Donny Johnson assumes the role of interim ceo. Johnson came to the 250-store retailer in August 2007.
The resignation came three days after Cayman Islands-based investor Raymond French and Strongbow Capital, which together hold 14.3% of Duckwall-ALCO voting stock, in an SEC filing said they intended to put up nominees at the upcoming annual meeting “to replace certain members of the board” – including chairman, Warren Gfeller – and wanted director Royce Winsten named chairman.
Winsten was elected to the board last October; a financial analyst and broker, he is the founder and managing director of Shore Capital Management of Sea Girt, N.J.