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New York -- Rite Aid has appointed president and CEO John Standley as chairman, the retail pharmacy chain said Friday.
Rite Aid announced that its board of directors had elected Standley to replace current chairman Mary Sammons, effective June 21. Sammons has served as chairman since June 2007 and plans to step down at the company's annual stockholder meeting.
“John is a proven leader who is highly knowledgeable about our company and has done an outstanding job leading the organization's turnaround efforts since becoming president and CEO in June 2010,” Sammons said. “With the company's strong progress under John's leadership, the board believes the time is right to recombine the roles of chairman and CEO and that this unified structure will provide decisive and effective leadership within and outside the company.”
In addition to Standley's appointment, the company also will retain Michael Regan as lead independent director. Regan has served as an independent director since 2007.