Alticor President to Retire
Apr. 17, 2002
ADA, Mich. (AP) _ Alticor Inc. announced Wednesday that Dick DeVos will retire as president, effective Aug. 31.
DeVos, 46, informed the company's board of directors of his decision Tuesday at the board's quarterly meeting, Alticor said. DeVos said he will concentrate on his future plans after he leaves the $4.1 billion company.
DeVos' father, Rich DeVos, co-founded Amway Corp., a giant direct-sales company that markets personal-care products.
Following a major restructuring of the company, Ada-based Alticor was created in October 2000 to be the parent of Amway and three other companies: Quixtar Inc., a Web-based sales business; Access Business Group Inc., a business-services provider; and Pyxis Innovations Inc., the group's corporate-development arm.
Dick DeVos started working for Amway in 1974 and became its president in 1993. He was a prime architect of the company's restructuring.
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