Inside This Issue - News
Rite Aid CEO set to add chairmanís title
June 11th, 2012
CAMP HILL, Pa. – Rite Aid Corp. president and chief executive officer John Standley will take on the additional responsibilities of chairman at the company’s annual shareholders meeting this month.
He will succeed Mary Sammons, who has served as chairman since June 2007, and whose term expires at the June 21 meeting.
“John is a proven leader who is highly knowledgeable about our company and has done an outstanding job leading the organization’s turnaround efforts since becoming president and CEO in June 2010,” said Sammons. “With the company’s strong progress under John’s leadership, the board believes the time is right to recombine the roles of chairman and CEO and that this unified structure will provide decisive and effective leadership both within and outside the company.”
Standley returned to Rite Aid in September 2008 as president and chief operating officer after leaving in August 2005 to become the CEO and a director of Pathmark Stores Inc. He originally 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.
Before joining Rite Aid, Standley served in key executive positions at various retail and grocery companies, including Fleming Inc., Fred Meyer Inc., Ralph’s Grocery and Smith’s Food & Drug Stores. He has served as a member of the Rite Aid board since June 2009.
He is also a member of the executive committee of the National Association of Chain Drug Stores.
“I am grateful for the confidence the board has placed in me, and I look forward to working with the entire Rite Aid team to enhance shareholder value through improved business results,” Standley said. “On behalf of the directors and all of our stakeholders, we also express our deep gratitude and appreciation to Mary for her board leadership, and we look forward to her continued guidance and contributions as a director.”
The chain will maintain the position of lead independent director, which is held by Michael Regan, who has been an independent director of Rite Aid since 2007.
As lead director, Regan heads the oversight and monitoring activities of the board that would otherwise be performed by a nonexecutive chairman, according to Rite Aid.