Karst, who joined Rite Aid in August 2014 as the company’s executive vice president and chief financial officer, is assuming the chief administrative officer responsibilities currently held by Frank Vitrano, who will remain with the company as its chief strategic business development officer. Karst will continue to report to chairman and chief executive officer John Standley.
In addition to his current responsibilities for all aspects of the company’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions, Karst will now be responsible for Rite Aid’s information technology, indirect procurement and operating efficiency functions.
The company also announced the appointment of Jim Comitale, currently assistant general counsel, to senior vice president, general counsel and secretary, reporting to Karst. He is succeeding Marc Strassler, who will continue to serve as Rite Aid’s corporate counsel.
Karst joined Rite Aid from Roundy’s Inc., a leading Midwest grocer based in Milwaukee, where he had been the executive vice president, CFO and assistant secretary since 2002.
Before that, Karst, who is also a certified public accountant, was a partner at the Yucaipa Cos., a private equity investment firm. He also held executive financial positions within several Yucaipa portfolio companies, including Chicago-based Dominick’s, where he served as the CFO and a director.