Alco CEO Richard Wilson steps down

Alco Stores (NASDAQ:ALCS) announced the departure of CEO Richard Wilson, who left the regional discounter after four years in the top spot following a mutual agreement.

Board director Stanley Latacha will take the reins of the company in the interim as its leadership pushes forward with an entirely new crop of directors, according to Chain Store Age. Latacha has 30 years of retail experience overseeing turnarounds at chains such as Pamida.

"I am honored with the board of directors' trust in leading the team at Alco and working with all of its stakeholders in bringing positive hands-on change to the business," Latacha said. "With the longstanding goodwill of Alco in the communities it serves, along with the hard work and dedication of the company's staff and team members and the active support of the board, I am confident that together we can make impactful improvements to the business."

Despite the mutually decided nature of Wilson's departure, the retailer lauded the former CEO for his instrumental role in professionalizing the Alco staff, overseeing the company's move to Texas and leading the company through a challenging retail climate.

"The shareholders have positioned Alco with strong leadership, expertise and a commitment to build on Alco's legacy of serving rural communities," Wilson said. "It has been an honor and a privilege to have worked with the dedicated team of Alco associates. I extend my sincerest appreciation for their commitment and service." Story