David F. Hodnik, president and chief executive officer (CEO) of Oak Brook, Ill.-based Ace Hardware has announced his plans to retire from the hardware cooperative on April 1, 2005. The company's board of directors has selected Ace executive vice president and chief operating officer Ray A. Griffith as his successor.

According to a company news release, Hodnik officially announced his intention to retire at the Ace board's bimonthly meeting last week, although his plan to step down has been known by board members for some time.

"Dave's personal and voluntary decision to retire and spend more time with his family has been a well thought-out and deliberate process," said Thomas Glenn, Ace chairperson. "As part of the company's succession plan, Dave and the board have worked together on the appropriate timing that is right both for the company and for Dave personally. With Ace in an extremely strong position today in the marketplace and a solid management team in place, Dave determined spring 2005 is the best time for him to cap off a remarkable 33-year career with Ace, effective April 1."

Ace achieved many accomplishments and milestones during Hodnik's 10-year tenure as president and CEO. Among them are increases in wholesale hardlines sales of $1.3 billion, or more than 65 percent, to a projected $3.3 billion in 2004; the launch of key retail initiatives such as the Helpful Hardware Club customer loyalty program; the construction of five new state-of-the-art retail support distribution centers totaling some 3.5 million square feet; the implementation of the Vision 21 strategic plan for Ace retailers and the recent rollout of the Ace growth strategy.

According to company information, Griffith brings broad experience to his new position, with a major focus on retailing. He joined Ace in 1994 as director of retail operations of Ace's western division and was named vice president of retail development and marketing in 1997, vice president of merchandising in 1998 and executive vice president-retail in 2000. In April 2004, he was promoted to his current position of executive vice president and chief operating officer. Prior to joining Ace, Griffith was president of the former hardware cooperative Coast-to-Coast and held managerial positions with Osco Drug.

"With his extensive retail and leadership background over the past 30 years, Ray is the right person for the job," Glenn said. "He has had significant hands-on experience in the field working with our retailers and has overseen Ace's retail initiatives, merchandising, retail support and international programs. Ray also was instrumental in developing Ace's current growth strategy plan."