RICHMOND, Va. — Rite Aid Corp. chairman and chief executive officer John Standley has been elected to the CarMax Inc. board of directors.
The used car retail chain said late Tuesday that Standley will serve on the audit committee of the board, which now has 12 members.
“We are excited to welcome John to the CarMax board,” CarMax CEO Tom Folliard said in a statement. “He brings extensive retail experience not only from his current role as the chairman and CEO of Rite Aid but also from his many years in other senior leadership positions. His executive, operational and finance knowledge will make him a highly valuable addition to our board.”
The 53-year-old Standley has served as Rite Aid chairman since June 2012 and as CEO since June 2010. At Rite Aid, he also held the titles of president from September 2008 to June 2013 and chief operating officer from September 2008 to June 2010.
Standley first joined Rite Aid in December 1999 and served in a succession of posts — including chief administrative officer, senior executive vice president and chief financial officer — before departing in August 2005 to become chairman and CEO of Pathmark Stores Inc. After Standley and his management team engineered a turnaround at Pathmark that culminated in the supermarket chain’s 2007 acquisition by A&P, he served as a consultant to Rite Aid from July to September 2008 before rejoining the drug chain as president and COO.
Currently, Standley serves on the board of directors of the National Association of Chain Drug Stores and is a member of the board’s executive committee. He served as NACDS chairman from 2014-15.
The nation’s largest retailer of used cars, CarMax operates more than 160 stores in 37 states.