With John Standley taking the reins as chief executive officer, Rite Aid Corp. has promoted Ken Martindale to chief operating officer.
A 35-year retailing veteran, Martindale formerly was senior executive vice president of merchandising, marketing and logistics. "In a very short time, Ken has had a significant impact on a number of the initiatives we're implementing to improve our performance and grow profitable sales," Standley stated.
CAMP HILL, Pa. — With John Standley taking the reins as chief executive officer, Rite Aid Corp. has promoted Ken Martindale to chief operating officer.
Martindale assumes the new post immediately, Rite Aid said Thursday. Formerly senior executive vice president of merchandising, marketing and logistics, he continues to report to Standley.
As previously announced, Standley was promoted from president and COO to president and CEO after the company’s annual meeting on Wednesday. He takes over for Mary Sammons, who will remain chairman until the company’s annual meeting in June 2012.
In his new position, Martindale, 50, will have overall responsibility for all store operations as well as category management, marketing, merchandising and supply chain.
Martindale has 35 years of retail experience in operations, marketing and merchandising, according to Rite Aid. Before joining the drug store chain in December 2008, he served as co-president, chief merchandising and marketing officer at 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 A&P.
"In a very short time, Ken has had a significant impact on a number of the initiatives we’re implementing to improve our performance and grow profitable sales, including the launch of our new customer loyalty program wellness+, the revamping and expansion of our private brand program and our segmentation strategies for low volume stores," Standley said in a statement. "Add to that his firsthand experience in store operations during his extensive retail career, and Rite Aid has a very talented and accomplished new COO."
Martindale started his retail career in 1975 at 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 acquired Smith’s. He served as executive vice president of sales and procurement for Fred Meyer until September 1999 after the company’s merger with the Kroger Co.
Rite Aid added that 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 firm designed to help food and drug retail, wholesale and manufacturing clients with procurement.