In its second-largest acquisition, Amazon buys the company for $970 million.
The retailer promoted merchandising executive Ken Martindale.
Rite Aid Corp. has promoted Ken Martindale to chief operating officer. Rite Aid sells online at RiteAidOnlineStore.com.
Martindale, previously senior executive vice president of merchandising, takes over for John Standley who was named president and CEO.
Martindale will oversee Rite Aid’s category management, marketing, merchandising and supply chain operations, as well as the retailer’s stores. He will report to Standley.
Martindale, has 35 years retail experience in operations, marketing and merchandising. Before joining Rite Aid in December 2008, he was co-president, chief merchandising and marketing officer for regional supermarket chain Pathmark Stores Inc.
“In a very short time, Ken has had a significant impact on a number of the initiatives we’re implementing to improve our performance and grow profitable sales, including the launch of our new customer loyalty program wellness+, the revamping and expansion of our private brand program and our segmentation strategies for low volume stores,” Standley says.
In addition to its e-commerce site, Rite Aid has nearly 4,800 stores in 31 states and the District of Columbia. Its fiscal 2010 annual revenues totaled $25.7 billion.