CAMP HILL, Pa. — Darren Karst has been named executive vice president and chief financial officer of Rite Aid Corp. He succeeds Frank Vitrano, who is retiring.
According to Rite Aid, Vitrano will retire in September 2015. Until then, he will retain chief administrative officer responsibilities for information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.
Karst will be responsible for all aspects of Rite Aid’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions. He will report to chairman and chief executive officer John Standley.
Karst is “a proven leader with a broad-based financial background and a track record of success across a range of operating and financial disciplines,” said Standley. “Darren’s deep retail knowledge and experience will serve Rite Aid well as we move forward.”
Karst most recently was executive vice president, CFO and assistant secretary at Roundy’s Inc., a Milwaukee-based grocer where he had held those roles since 2002. Before that, he was a partner at Yucaipa Cos., a private equity investment firm. He also held executive financial positions within several Yucaipa portfolio companies, including Chicago-based Dominick’s Finer Foods, where he served as CFO and a director.
Standley credited Vitrano with playing a pivotal role in helping significantly improve Rite Aid’s performance and results over the past six years.
“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.”