You are here
Rite Aid Corp. said yesterday that John T. Standley has returned to the company as president and c.o.o., and Frank G. Vitrano has become c.f.o. and chief administrative officer (c.a.o.). Previously Standley and Vitrano were both at Pathmark Stores, Inc., where Standley was c.e.o. and board director from 2005 to 2007, and Vitrano was president, c.f.o., and treasurer from 2002 to 2007.
A&P acquired Pathmark in late 2007.
Both executives will report directly to Rite Aid chairman and c.e.o. Mary Sammons.
Now that the company has completed its integration of the Brooks Eckerd chain and same-store sales in the acquired locations are continuing to rise, "the key task before us is to drive profitable growth," said Sammons. "With these new appointments, Rite Aid can build on the foundation we have in place and sharpen our focus on invigorating sales, reducing costs, and strengthening our overall financial position. It is even more important to do this now so we can best capitalize on the opportunities ahead for our business."
At Pathmark Standley engineered and oversaw the successful turnaround and sale of the company to Montvale, N.J.-based A&P. Earlier he spent six years at the company, from 1999 and 2005, rising to senior e.v.p., c.f.o., and c.a.o. During that time Standley led the implementation of new financial controls and helped develop the company's current information systems, real estate strategy, and compliance programs. For the past few months he has also provided advice to the company, and assumes the position of president from Mary Sammons, who remains chairman and c.e.o. As c.o.o., Standley succeeds Robert J. Easley, who has left the company to pursue other interests.
Vitrano was at Pathmark for 35 years, during which time he played a key role in the grocer's rebound and sale to A&P, reporting to Standley. Vitrano replaces former c.f.o. Kevin Twomey and outgoing c.a.o.Pierre Legault, who have both left Rite Aid to pursue other opportunities. According to Rite Aid, Vitrano's combined role will further improve operational efficiency at the company.
Sammons noted that the "strong partnership" Vitrano and Standley developed at Pathmark would "enable them to begin working quickly with me to deliver results for the company."
Camp Hill, Pa.-based Rite Aid operates over 4,900 stores in 31 states and the District of Columbia.