In his presentation to members during the General Session, True Value’s Brent Burger, chairman of the board of directors and owner of five Campbell True Value stores in Maine, wasted no time to downplay recent reports of a possible sale of the co-op.
“You can rest assured that if there is an opportunity for something beyond our current state, it will be your decision as shareholders, not that of management or the board whether to pursue it,” Burger said.
Here are his remarks on the topic:
"As a director and fellow retailer, I seek and receive your direct feedback. And that feedback provides guidance regarding your needs and successes and what the board needs to address. One of the foremost responsibilities of the board, is to manage the risks and opportunities faced by the company. As you’ll recall in 2014, after an in-depth and lengthy process, we launched a strategy for the company.
"That strategy included examining opportunities that could accelerate our performance, as well as safeguarding and enhancing our shareholder investments.
"To that end, management with the board’s direction and input, explores a variety of options until they are dismissed for not providing or improving shareholder value, or are not worth putting forth for your consideration.
"So simply put, we are doing exactly what you would expect us to do. Today’s business climate, your feedback, and our focus on supporting you to be truly independent hardware retailers continues to drive each of our decisions.
"And as for recent speculation that we’ve all heard, they are a direct result of us fulfilling our obligations to you. You can rest assured that if there is an opportunity for something beyond our current state, it will be your decision as shareholders, not that of management or the board whether to pursue it. Bottom line is, we will continue to be focused on ensuring a bright and independent future."