Rite Aid Corp.’s board of directors has elected John T. Standley, the company’s president and CEO, as well as a board member, to the additional position of chairman, effective June 21. Standley succeeds Mary Sammons, chair since June, 2007, whose term of service concludes as of Rite Aid’s 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, Rite Aid will continue to maintain the role of lead independent director, currently held by Michael Regan, who has been an independent director on the board since 2007. As lead director, Regan heads the board’s oversight and monitoring activities, which 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 CEO and a director of Pathmark Stores Inc., which is now part of The Great Atlantic & Pacific Tea Co., based in Montvale, N.J. He originally joined Rite Aid in December 1999 as EVP and CFO as part of a new executive management team that also included Sammons. Before Rite Aid, Standley held key executive roles at various retail and grocery companies including Fleming Inc., Fred Meyer Inc., Ralphs Grocery, and Smith Food & Drug Centers. He has been a member of the Rite Aid board since June 2009, and is also a member of the executive committee of the National Association of Chain Drug Stores (NACDS).
Rite Aid operates about 4,700 stores in 31 states and the District of Columbia.