Rite Aid Corporation (NYSE:RAD) announced that its Board of Directors has elected John T. Standley, who is currently President, Chief Executive Officer and a member of the Company's Board of Directors, to the additional position of Chairman of the Board, effective June 21, 2012 at the Company's annual stockholder meeting.
Standley will succeed Mary Sammons, who has served as Chairman since June, 2007, and whose term of service as Chairman, concludes as of the June annual 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."
Additionally, the Company will continue to maintain the position of Lead Independent Director, which is currently held by Michael Regan. Regan has been an independent director of Rite Aid since 2007. As Lead Director, Regan will head the oversight and monitoring activities of the Board that would otherwise be performed by a non-executive Chairman.
Standley returned to Rite Aid in September 2008 as President and COO after leaving in August 2005 to become the Chief Executive Officer 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. Prior to 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 Food & Drug Centers. He has served as a member of the Rite Aid Board of Directors since June 2009. He is also a member of the Executive Committee of the National Association of Chain Drug Stores (NACDS).
"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."
Rite Aid is one of the nation's leading drugstore chains with approximately 4,700 stores in 31 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through Rite Aid's website at www.riteaid.com.
Contacts:
Rite Aid Corporation
INVESTORS:
Matt Schroeder, 717-214-8867
investor@riteaid.com
or
MEDIA:
Susan
Henderson, 717-730-7766
