Ace sets new board of directors

OAK BROOK - Ace Hardware retailers James Hatcher III and Lori Terpstra were re-elected to Ace Hardware Corp.'s board of directors at the retailer-owned cooperative's annual shareholders meeting Wednesday at its corporate headquarters in Oak Brook. Ace retailer Todd Steadman and industry veteran John Costello were elected to their first terms on the board. Terpstra, Hatcher, Steadman and Costello each will serve three-year terms on the board, which sets strategic policy and direction for Ace management. Twelve people comprise the Ace board, including nine retailers and three outside directors. Terpstra, 44, was elected to her third three-year term and will serve as a member director. She owns Rylee's Ace Hardware, a three-store chain in the Grand Rapids, Mich., area. Hatcher, 47, was elected to serve a second term as a member director. He is president of Pleasants Hardware Inc., an eight-store Ace chain based in Richmond, Va. Steadman, 38, joins the board as a member director. He is the vice president of Steadman's Hardware, Inc., a 41-year-old family business that operates a single store in Miles City, Mont. Costello, 61, was elected to serve as a non-member director.