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worked 6 or 7 days a week for 12 to 16 hours a day and
communicated with Menards’s executives on a regular basis.
As CEO of Menards, Mr. Menard was responsible for all three
of Menards’s major divisions. Mr. Menard’s direct involvement
with the operations division included discussions with L. Menard
about store issues, visits to Menards stores, review of customer
complaints, and examination of operations division employees’
reports detailing their store visit findings.
With respect to Midwest, Mr. Menard reviewed financial
statements and project plans and granted final approval for any
purchases of new equipment, additions of new products, changes to
existing products, additions of new Midwest facilities, and
changes to existing Midwest facilities. Mr. Menard worked
directly with Mr. Volbrecht on these matters.
In connection with the corporate division, Mr. Menard worked
with Mr. Prochaska on real estate acquisitions, dispositions, and
leasing. Mr. Menard also assisted in the development of the
Menards prototype stores and plans for the construction of a
second distribution center.
B. Mr. Menard’s Loans to Menards
As part of his personal investment strategy, Mr. Menard made
loans of his compensation to Menards during TYE 1998 and 1999.
The loans were evidenced by promissory notes that were payable on
demand and bore interest at the short-term applicable Federal
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