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Ace names CFO

Ace Hardware Corp. has named Dorvin Lively, 49, as chief financial officer effective March 20.

Lively has had “extensive financial and accounting experience,” the company said in a statement, including his most recent post as executive vp and CFO for Maidenform Inc.

From 2000 to 2004, Lively served as senior vp and corporate controller for Toys R Us Inc. He has also held financial positions at Reader’s Digest, Silverado Foods, Pepsi Cola, the Financial Accounting Standards Board and Arthur Anderson.

“We look forward to the knowledge, experience and vision that he will bring to Ace in both the short- and long-term,” said Ray Griffith CEO of Ace Hardware.

Ace announced its search for a new CFO following the departure of Ron Knutson, former vp – finance for Ace, who resigned in December.

Most recently, Ace Hardware restated previously issued income and equity for fiscal years 2006, 2005 and 2004. The restatement was primarily the result of the discovery of a $152 million shortfall due to an inventory accounting error, which the company announced in September 2007.