Retail News Breaks
Rite Aid adds new board member
November 12th, 2013
CAMP HILL, Pa. – Kevin Lofton, president and chief executive officer of Catholic Health Initiatives, has been elected to the Rite Aid Corp. board of directors.
Rite Aid chairman and chief executive officer John Standley said Tuesday that Lofton brings extensive health care expertise to the board of the drug chain, which has been focused on expanding its range of health services.
"We are very pleased to welcome Kevin to our board," Standley said in a statement. "Kevin is a widely recognized and well-respected leader in the health care industry whose broad knowledge and experience will be beneficial in helping Rite Aid continue to grow our business and develop innovative ways to better serve our customers in a rapidly changing health care environment."
Based in Englewood, Colo., Catholic Health Initiatives (CHI) is a national health system whose services run the gamut from hospitals and long-term care facilities to home health agencies. Lofton joined CHI in 1998 and has held several leadership positions there, including chief operating officer, before being named president and CEO in 2003.
Before joining CHI, Lofton served as CEO of the University of Alabama Hospital in Birmingham; CEO of Howard University Hospital, Washington, D.C.; and COO at University Medical Center, Jacksonville, Fla.
Lofton is also involved with the American Hospital Association (AHA), having served as the 2007 chair of the AHA board. Lofton also serves on the boards of Morehouse School of Medicine in Atlanta, Conifer Health Solutions LLC and Gilead Sciences Inc.
The election of Lofton marks the second new member for Rite Aid's board this year. In late May, the company announced that Bruce Bodaken, former chairman and CEO of Blue Shield of California, had joined its board.
With the addition of Lofton, Rite Aid's board now has seven members. Along with Standley, Lofton and Bodaken, they include Michael Regan, the lead independent director; David Jessick, a former Rite Aid and Fred Meyer executive; Joseph Anderson, chairman and CEO of TAG Holdings; and Marcy Syms, former chair and CEO of Syms Corp.
Rite Aid's board has seen a number of changes in 2013. Michel Coutu, a director at Jean Coutu Group, resigned from Rite Aid's board on April 17 following Jean Coutu Group's sale of 72.5 million shares of Rite Aid common stock, or about 40% of its interest in the U.S. drug chain.
In addition, former Rite Aid chairman and CEO Mary Sammons and James Donald, CEO of Extended Stay Hotels and a former chief executive of Haggen, Starbucks and Pathmark, didn't stand for re-election at Rite Aid's annual shareholders meeting in June.
Francois Coutu, CEO of Jean Coutu Group, left Rite Aid's board effective Oct. 31 after the company had sold off the rest of its stake in Rite Aid, and John Baumer, a partner of Leonard Green & Partners, resigned at the end of September after his firm reduced its interest in Rite Aid.
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