NEW YORK Manhattan-based retailer Duane Reade has tapped former Loblaw Cos. president John Lederer as chairman of the board and chief executive officer. His appointment is expected to become effective within the week.
Lederer succeeds Rick Dreiling, who left Duane Reade in late January to steer the ship at discount store chain Dollar General.
Since that time, Duane Reade senior vice president and chief marketing officer David D’Arezzo and Alan Lacy, senior advisor to Oak Hill Capital Partners and, perhaps best known for his former role as chairman and chief executive of Sears Holdings, had taken the reins of the 242-store pharmacy retailer.
D’Arezzo, who most recently served as interim chief executive officer, will continue his responsibilities as senior vice president and chief marketing officer under Lederer once Lederer takes the helm.
“We thank Dave for his service as interim chief executive officer,” stated Tyler Wolfram, director of Duane Reade and a partner of Oak Hill Capital Partners. “Over the past three months, Dave’s leadership has allowed Duane Reade to sustain its strong momentum, and we expect that Dave will continue to be a key driver of Duane Reade’s success in the future.”
From 2001 to 2006, Lederer served as president of Loblaw, a Canadian supermarket chain with more than 1,000 corporate and franchised stores under various operating banners. Under his leadership as president, Loblaw grew its reported annual sales from (Canadian) $20 billion in 2000 to more than $28 billion in 2006. Immediately prior to his appointment as president in 2001, Lederer served as executive vice president, responsible for the merchandising, operations and profit performance of all Loblaw businesses in eastern Canada. He currently serves as a director of Tim Hortons.
“I am joining a talented senior management team that has directed a very impressive transformation and is dedicated to delivering additional success,” stated Lederer. “I am committed to working with this team to enhance Duane Reade’s market leadership position in the New York metropolitan area and to helping the company achieve its primary objective to service the unique needs of the New York City consumer.”