CAMP HILL, Pa.--(BUSINESS WIRE)--
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
"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.