Rite Aid names new CEO

Chicago Rite Aid on Thursday announced that John Standley will be promoted to the position of president and CEO effective June 24 at the company’s annual stockholder meeting. Mary Sammons, currently Rite Aid chairman and CEO, will remain as chairman.

Standley’s promotion is part of the company’s executive succession plan and was approved Thursday at a regularly scheduled meeting of Rite Aid’s board of directors. Sammons, 63, will remain Rite Aid's chairman until the company’s annual meeting in June 2012. Sammons said she intends to be an active chairman, continuing to represent the company in industry and government affairs, as well as assist as needed with strategic initiatives.

Standley, 46, returned to Rite Aid in September 2008 as president and COO after leaving in August 2005 to become CEO and board director of Pathmark Stores, where he was credited for engineering a second turnaround, the first being Rite Aid during his first tour there. He originally joined Rite Aid in December 1999 as executive VP and CFO, part of a new executive management team that also included Sammons.