Drugstore chain Rite Aid (NYSE: RAD) announced today that its current senior executive vice president and chief operating officer, Ken Martindale, was promoted to president and chief operating officer, taking over the position held by John Standley, who will continue as the company's chairman and CEO.
Martindale has 35 years retail experience, having served in diverse operations, marketing and merchandising capacities at Smith's Food & Drugs and Fred Meyer until its acquisition by Kroger. He then went onto to management positions at grocery store chain Pathmark until it was acquired by the Great Atlantic & Pacific Tea Co.
He also founded and operated food retailer Orchard Street, served as an industry consultant, and served as president, CEO, and chairman of food and drug procurement software specialist Intesource.
Following his stint at Pathmark, Martindale joined Rite Aid in 2008 as senior EVP of merchandising, marketing, and logistics. His promotion to president is effective immediately and he will report directly to Standley, who was quoted as saying: "Ken's appointment as president and chief operating officer is an opportunity for Rite Aid to further leverage his exceptional leadership skills, broad operating experience and strategic capabilities as we continue to focus on successfully growing our business."
Rite Aid has more than 4,600 stores in 31 states and the District of Columbia and generated revenues of $25.4 billion in fiscal 2013.