Frank Vitrano

Rite Aid Corp. has named a new chief financial officer to succeed Frank Vitrano, who plans to retire next year.

The drug chain has hired Darren Karst as executive vice president and CFO, effective later next month. He previously served as executive vice president and CFO at Midwestern grocer Roundy's Inc.

Vitrano has played a key role in helping turn around Rite Aid, which in recent years has been transformed from a financially struggling drug chain to an industry leader in retail pharmacy and health care.

CAMP HILL, Pa. — Rite Aid Corp. has named a new chief financial officer to succeed Frank Vitrano, who plans to retire next year.

Frank Vitrano

Rite Aid said late Thursday that it has hired Darren Karst as executive vice president and CFO, effective Aug. 20. He joins the nation’s third-largest drug chain from Midwestern supermarket operator Roundy’s Inc., where he has served executive vice president, CFO and assistant secretary since 2002.

Before that, Karst was a partner at the Yucaipa Cos., a private equity investment firm. He also held executive financial positions at several Yucaipa portfolio companies, including Chicago-based Dominick’s, where he served as the CFO and a director.

At Rite Aid, Karst will be responsible for all aspects of finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions. He will report to Rite Aid chairman and chief executive officer John Standley.

"We are pleased to welcome Darren to the Rite Aid team," Standley said in a statement. "He is a proven leader with a broad-based financial background and a track record of success across a range of operating and financial disciplines. I am confident Darren’s deep retail knowledge and experience will serve Rite Aid well as we move forward."

Vitrano is slated to retire in September 2015, according to Rite Aid. Until that time, he retains the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions and will serve as a key resource in the development and execution of new business and growth initiatives, the company said.

"I would like to acknowledge the pivotal role Frank Vitrano has played in helping significantly improve Rite Aid’s business performance and results over the past six years," Standley stated. "We thank Frank for his dedication and hard work, and we look forward to continuing to work together on executing our strategy to expand our health care offering and transform Rite Aid into a growing retail health care company."

Vitrano joined Rite Aid in September 2008 in the combined role of CFO and chief administrative officer. Prior to that, he served in various positions during his 35-year career at Pathmark Stores Inc., most recently as president, CFO and treasurer from 2002 to 2007.

Earlier this year, Vitrano, Standley and Rite Aid president and chief operating officer Ken Martindale were chosen as the Chain Drug Retailers of the Year for 2013 by Chain Drug Review. The three executives helped transform Rite Aid from a financially struggling drug chain to an innovative industry leader in retail pharmacy and health care.