Drug store chain retailer,
Rite Aid Corp.
), put forward the name of Ken Martindale for the position of
President and Chief Operating Officer. Martindale, who currently
serves as Senior Executive Vice President and Chief Operating
Officer, will take over the new positions with immediate effect.
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Ken Martindale has made significant contributions toward
improving the company's overall performance and directing it on
the growth trajectory since his appointment as the Chief
Operating Officer in 2010. In his new role, Martindale will
continue to report to John Standley, Chairman and Chief Executive
Officer of Rite Aid.
With an illustrious career spanning 35 years in the retail
industry, Martindale has worked in various departments including
marketing and merchandising. Starting his retail career in 1975,
he has worked with companies like Smith's Food and Drug Centers,
Fred Meyer Inc., Orchard Street Inc. and Intesource Inc. Prior to
joining Rite Aid in Dec 2008, he served as the co-president,
chief merchandising and marketing officer of a regional
supermarket chain with strong pharmacy operations, Pathmark
Taking up the mantle of the President and COO, Martindale is
expected to drive Rite Aid to greater heights. With his
leadership traits, broad operating experience and strategic
capabilities, he is expected to guide the company's business
higher and strengthen its position in the industry.
Simultaneously, Martindale will continue with his existing
positions as the president of The Rite Aid Foundation and will
serve the Board of Directors of the National Association of Chain
Drug Stores (NACDS).
Meanwhile, the drugstore chain operator reported a quarterly
profit for the third consecutive quarter. The company's
first-quarter fiscal 2014 earnings of 9 cents per share fared
better than the year-ago comparable quarter's loss of 3 cents,
and came in line with the Zacks Consensus Estimate.
This Zacks Rank #2 (Buy) company, which competes with
China Nepstar Chain Drugstore Ltd.
), boasts 10 straight quarters of improved adjusted EBITDA.
Alongside, other stocks in the retail-drug store sector that are
currently performing well include
GNC Holdings Inc.
), both of which carry a Zacks Rank #2 (Buy).