Retail News Breaks Archives
Rite Aid announces new board member
May 12th, 2011
CAMP HILL, Pa. – John Baumer, a partner with the private equity firm Leonard Green & Partners, has joined the Rite Aid Corp. board of directors.
Rite Aid said Thursday that Baumer replaces Leonard Green managing partner Jon Sokoloff, who has resigned from the drug chain's board.
Before joining Leonard Green in 1999, Baumer served as a vice president in the corporate finance division of Donaldson, Lufkin and Jenrette (DLJ) Securities Corp. in Los Angeles, and prior to joining DLJ in 1995 he worked at Fidelity Investments and Arthur Andersen.
Leonard Green & Partners is an affiliate of Green Equity Investors III L.P., which Rite Aid said has the right to elect a director under an agreement with the drug chain regarding Green Equity Investor's purchase of Rite Aid preferred stock in October 1999.
According to Rite Aid, Green Equity Investors has indicated it will re-elect Baumer for a one-year term on the Rite Aid board at the chain drug retailer's annual shareholder meeting on June 23.
Leonard Green & Partners holds interests in a number of other retailers, including Whole Foods Market, David's Bridal, Jo-Ann Stores, J. Crew, Neiman Marcus, Petco and Sports Authority.