Rite Aid Corporation (NYSE:RAD) announced that its Board of Directors has promoted Ken Martindale, who is currently senior executive vice president and chief operating officer, to president and chief operating officer. Rite Aid Chairman, President and CEO John Standley will continue as the company’s chairman and chief executive officer.
The promotion of Martindale, 53, who continues to report to Standley, is effective immediately.
“Since becoming our chief operating officer in 2010, Ken has continued to play a significant role in helping the company improve its overall performance and return to profitability,” said Standley. 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.”
Martindale is a retail veteran with more than 35 years of diverse operations, marketing and merchandising experience. Before joining Rite Aid as senior executive vice president of merchandising, marketing and logistics in December 2008, he served as co-president, chief merchandising and marketing officer for Pathmark Stores, Inc., a $4 billion regional supermarket chain with a strong pharmacy business. He served there until December 2007 when the company was sold to the Great Atlantic & Pacific Tea Company (A&P).Martindale started his retail career in 1975 with Smith’s Food and Drug Centers, a west coast food and drug chain, where he rose from a district manager in store operations to senior vice president of marketing and senior vice president of sales and merchandising. In January 1998, he joined Fred Meyer, Inc., a $15 billion food, drug and general merchandise retailer, after it bought Smith’s. He served as executive vice president, sales and procurement, for Fred Meyer until September 1999 after the company’s merger with the Kroger Company. During his retail career, Martindale also founded and operated Orchard Street, Inc., a food retailer in Salt Lake City; consulted for national and regional food retailers on category management, marketing and strategic planning; and served as president, CEO and chairman of Intesource, Inc., a software company designed to help food and drug retail, wholesale and manufacturing clients with procurement.