Retail drugstores operator Rite Aid Corp. (RAD), Thursday promoted its President and Chief Operating Officer John Standley to the position of Chief Executive officer, effective June 24, 2010. Standley succeeds Mary Sammons, who will continue as Chairman.
The promotion was approved at the company's annul stockholder meeting as part of the company's executive succession plan.
The previous chief executive Sammons will remain Rite Aid Chairman until the company's annual meeting in June, 2012, continuing to represent the company in industry and government affairs as well as assist as needed with strategic initiatives.
Standley joined Rite Aid in December 1999 as Executive Vice President and Chief Financial Officer, part of a new executive management team that also included Sammons.
He left the company in August 2005 to become Chief Executive Officer and Board Director of Pathmark Stores, Inc., a $4.0 billion regional supermarket chain. From 2005 until 2007, Standley engineered and led a successful turnaround at Pathmark, which was sold to The Great Atlantic & Pacific Tea Company, Inc.
In September 2008, he returned to Rite Aid as President and Chief Operating Officer. He has also served as a member of the Rite Aid Board of Directors since June 2009.
Prior to Rite Aid, he served in key executive financial positions at various retail and grocery companies including Fleming, Inc., Fred Meyer, Inc., Ralph's Grocery and Smith Food & Drug Centers.
Commenting on the appointment, Sammons said, "As President and COO, he's helped us manage through this recession and set in motion initiatives to grow our company for the future. We are in a much stronger financial position today in large part due to his leadership. His many accomplishments in such a short time as President and COO and his previous successful track record at our company demonstrate his ability to guide Rite Aid as its next CEO."
Sammons joined Rite Aid in December 1999 as President and COO, was named President and CEO in 2003 and named Chairman and CEO in 2007.
Before joining Rite Aid, she was President and Chief Executive Officer of Fred Meyer Stores, a food, drug and general merchandise retailer in the Pacific Northwest and a unit of Fred Meyer, Inc. which was bought by The Kroger Company in 1999.
She has also served on Rite Aid's Board of Directors since joining the company and is a Director of StanCorp Financial, President of the Rite Aid Foundation and a member of the executive committee of the National Association of Chain Drug Stores.
RAD is currently trading at $1.53, up 0.03 or 2.00%, on a volume of 4.52 million shares on the NYSE.
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