ABILENE, Kan. Duckwall-ALCO Stores, a regional retailer that operates 250 stores across 22 states, has tapped former CVS executive Larry Zigerelli as president and chief executive officer.
Zigerelli had served as president of Meijer for seven months before resigning in late 2005. He had joined Meijer in 2002 as senior vice president of marketing and advertising after about three years at CVS Corp. and 18 years at Proctor & Gamble. While at CVS, Zigerelli headed up merchandising.
In addition to assuming his new role at Duckwall-ALCO, Zigerelli made an investment in a private placement of 10,000 company shares at the July 1, 2008 closing price. The company has granted Zigerelli options to purchase 110,000 shares of common stock at the July 1 closing price, including options under the company’s 2003 Incentive Stock Option Plan to purchase 100,000 shares, which is the maximum number of options that may be granted to an individual under the plan in any calendar year. The balance of 10,000 options was granted to Zigerelli outside of the plan.