Heritage Grocers Group Appoints CFO

Darren Karst comes to indie parent company from Rite Aid

4/13/2023

Darren Karst

Heritage Grocers Group, the parent company of Cardenas Markets and Tony’s Fresh Markets, has named Darren Karst to the position of CFO. Reporting directly to Heritage Grocers' CEO Doug Sanders, Karst will oversee the financial and accounting initiatives for all of the company’s business units.

As Karst assumes the role of CFO, Matthew Holt will transition to the position of EVP of finance, in which position he will oversee the financial and accounting integration process across Heritage Grocers’ banners.

“I am excited to welcome Darren to Heritage Grocers Group,” said Sanders. “Having served as CFO for both private and public companies, he is a proven and seasoned leader who brings extensive retail experience to HGG. His broad background in finance and strategy will be a tremendous asset in achieving current and future business objectives.”

Prior to joining Heritage Grocers, Karst was EVP and CFO at Rite Aid Corp. He was also EVP and CFO at Roundy’s Inc. Before that, Karst was a partner at private-equity investment firm Yucaipa Cos. He also held executive roles positions within several Yucaipa portfolio companies, including Chicago-based Dominick’s Supermarkets, where he was a director and CFO.

Karst earned a bachelor’s degree in business administration and accounting from the University of Kansas.

Heritage Grocers also recently named Eric Stover CEO of Cardenas Markets and Ted Frumkin SVP of store development at Heritage Grocers.

Ontario, Calif.-based Heritage Grocers is a specialty and ethnic food retailer that operates in four states – California, Nevada, Arizona and Illinois – with a total of 57 stores under the Cardenas Markets banner, 21 stores under the Tony’s Fresh Market banner, and seven stores under the Los Altos Ranch Market banner.

Employing more than 6,300 pharmacists, Philadelphia-based Rite Aid operates 2,300-plus retail pharmacy locations across 17 states. The company is No. 21 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.