John Standley appointed chairman of Rite Aid
CAMP HILL, Pa. — 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."
Standley originally started working at Rite Aid as EVP and CFO in December 1999 before leaving in August 2005 to become CEO and director of Pathmark Stores. He returned to Rite Aid in September 2008 as president and COO. He also has previously worked in executive positions for Fred Meyer, Fleming, Ralph’s Grocery and Smith Food & Drug Centers, in addition to serving as a member of the National Association of Chain Drug Stores’ executive committee.
At Rite Aid, Standley has overseen new programs and initiatives such as the Wellness+ loyalty-card program, which has been credited with helping to attract and maintain new customers and whose membership stood at 52 million at the end of the company’s fiscal fourth quarter, on April 12, and the Wellness store format, which currently includes 280 of the company’s nearly 4,700 stores.
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.
Hy-Vee COO to take helm
WEST DES MOINES, Iowa — After announcing the retirement of its leader last December, Hy-Vee has named a new chairman and CEO.
The retailer said its president and COO, Randy Edeker, will become chairman, president and CEO, effective June 1. Edeker, 30-year veteran of Hy-Vee, replaces Ric Jurgens, who has served as Hy-Vee CEO since 2003 and chairman since 2006. Back in December 2011, Jurgens announced his intention to retire and nominate Edeker as his successor.
With his election as chairman and CEO, Edeker becomes only the fourth company officer to hold those titles since Hy-Vee’s founding in 1930.
"I have been truly blessed to be allowed to assume this role, leading the most incredible group of dedicated, hard-working people," Edeker said. "I am both honored and humbled to follow in the footsteps of Hy-Vee’s great leaders, including the man who has caringly mentored me for the past eight years, Ric Jurgens. We will remain diligent in upholding the core values our founders set forth for us and delivering great service, great value and a helpful smile."
Added Jurgens, "It has been my privilege to serve Hy-Vee and our customers for over 43 years," he said. "I’m eternally grateful for the support and guidance given to me by our employees throughout our eight-state area. Since I’ve given my entire working life to Hy-Vee, the future of our company is very important to me. I retire with great confidence knowing that we have a strong, talented leader in Randy Edeker, and knowing he is surrounded by an outstanding team of executives at every level who will make Hy-Vee even better in the years to come."
Costco sales, income up in Q3
ISSAQUAH, Wash. — Costco reported net sales of nearly $21.9 billion for the third quarter, an 8% increase over sales of about $20.2 billion for the same period last year.
Comparable-club sales for the quarter increased 5%, which consisted of a 5% increase in the United States and a 5% increase internationally. Excluding the impact of fuel, total comps were still up 5%, however U.S. comps were 4% and international comps were 8% when adjusted for gasoline inflation.
Net income for the quarter was $386 million, or 88 cents per diluted share, compared with $324 million, or 73 cents per diluted share, last year.
Costco currently operates 602 warehouses, including 435 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, 13 in Japan, eight in Taiwan, seven in Korea and three in Australia.