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CHICAGO - Drug store chain Rite Aid Corp. said today that it has assigned c.f.o. Chris Hall to a new job after he proposed a settlement with the Securities and Exchange Commission relating to his previous employment.
The company moved Hall to the position of s.v.p. for planning and real estate. The proposed SEC settlement involved issues related to Hall's previous job at Ralphs Grocery Co. in 1998, according to Rite Aid. Ralphs is owned by Kroger Co.
John Standley, who had been Rite Aid's c.f.o. from December 1999 until June 2002, takes over for Hall as c.f.o., while also remaining senior e.v.p. and chief administrative officer.
The SEC case with Hall involved questions raised under the commission's records and internal accounting control provisions, Rite Aid said.
In the proposed settlement, Hall does not admit or deny any wrongdoing, Rite Aid said. The proposed offer of settlement is agreed to by the SEC staff but is subject to final approval by the SEC's five-member commission.
The proposed settlement would not require Hall to stop being c.f.o., Rite Aid said. But the company said it was appropriate for Hall to assume another position.