True Value Company will bring on Jeff Olson, AZEK Company’s VP of finance, as chief financial officer effective March 29. The move comes in concert with a modified internal reporting structure at the Chicago-based distributor and the announcement of the eventual departure of current True Value Company CFO Deb O’Connor.
Olson brings more than 30 years’ experience in financial optimization helping to drive commercial effectiveness and operating results.
“Over the last few years, we have been focused on investments in modernizing the supply chain, doubling our sales force to further support our customers, and technology enhancements making it even easier to do business with us,” said True Value Company CEO Chris Kempa. “Jeff’s deep experience is another example of the type of leader that will help us accelerate our investments even further coming off a year of both record sales and record rebates paid to our retailers.”
O’Connor, who is leaving to pursue other interests, will remain with True Value for the next few months and assist with the transition to a new CFO.
“We thank Deb for her years of service and wish her the best in her future endeavors,” Kempa said.
In Thursday morning’s announcement, Kempa also describe a modified and streamlined reporting structure with IT, legal and supply chain now reporting directly to the CEO, in addition to merchandising, sales, marketing and communications and HR. “Streamlining the executive functions will allow for further alignment and partnership in all areas of the business,” he said.
Olson comes to True Value from The AZEK Company, a manufacturer of low-maintenance and
sustainable building products. At AZEK, the VP of finance had responsibility for AZEK’s residential products business. He has deep experience in wholesale distribution and manufacturing and spent over 10 years with increasing responsibilities in Finance at Essendant, a $5 billion distributor of business products.
Kempa described the several company leadership changes of the past year as a transformation that balances the need for diversity of executive experiences with the continuation of deep knowledge of True Value leadership.
“I am confident in our path forward and know Jeff and our entire leadership team will play an important role in helping us execute our growth strategy and drive increased sales and operational effectiveness across the business,” he said.