Drug store chain retailer, Rite Aid Corp. (RAD), 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.
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 Stores Inc.
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. (NPD), 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. (GNC) and Herbalife Ltd. (HLF), both of which carry a Zacks Rank #2 (Buy).
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