Darren Karst Appointed Rite Aid Executive Vice President and Chief Financial Officer
July 24 2014 - 4:00PM
Business Wire
Current SEVP and CFO Frank Vitrano to
Continue as Rite Aid Chief Administrative Officer Until His
Retirement in September, 2015
Rite Aid Corporation (NYSE: RAD) today announced that Darren
Karst, a highly experienced retail finance executive, is joining
Rite Aid as executive vice president and chief financial officer,
effective Aug. 20. Karst succeeds Frank Vitrano, who has announced
he will retire in September, 2015. Until then, Vitrano retains the
chief administrative officer responsibilities for the company’s
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.
In his position, Karst will be responsible for all aspects of
the company’s finance, accounting, treasury, tax, investor
relations, legal, risk management, internal assurance and asset
protection functions. He will report to Rite Aid’s Chairman and CEO
John Standley.
“We are pleased to welcome Darren to the Rite Aid team,” said
Standley. “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.”
“I would also 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 added.
“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.”
Karst joins Rite Aid from Roundy’s, Inc. (NYSE:RNDY), a leading
Midwest grocer based in Milwaukee, Wis., where he has been the
executive vice president, chief financial officer and assistant
secretary since 2002. Prior to that, Karst was a partner at the
Yucaipa Companies, 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 chief financial officer and a director.
Karst earned a bachelor’s degree in business administration and
accounting from the University of Kansas in Lawrence. He is also a
certified public accountant.
Rite Aid Corporation (NYSE: RAD) is one of the nation's leading
drugstore chains with nearly 4,600 stores in 31 states and the
District of Columbia and fiscal 2014 annual revenues of $25.5
billion. Information about Rite Aid, including corporate background
and press releases, is available through the company's website at
www.riteaid.com.
Rite Aid CorporationINVESTORS:Matt Schroeder,
717-214-8867investor@riteaid.comorMEDIA:Susan Henderson,
717-730-7766
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