The board of directors of Cumberland County-based drugstore chain Rite Aid Corp. has promoted Ken Martindale to president and chief operating officer.
Martindale has been senior executive vice president and chief operating officer. As part of the move, John Standley relinquishes the president title and retains the posts of chairman and CEO; Martindale will continue to report to him, according to Rite Aid statements.
The promotion is effective immediately, according to a news release.
Martindale joined Rite Aid in 2008 as senior executive vice president of merchandising, marketing and logistics, the release stated. Before that, he was co-president, chief merchandising and marketing officer for Pathmark Stores Inc. His retail career began with Smith's Food and Drug Centers in 1975.
In addition, late last week Rite Aid said it had completed a portion of previously announced debt refinancing transactions to extend maturity on part of Rite Aid's outstanding indebtedness and lower interest expense, according to company statements.
The completed transaction is a cash tender offer for any and all of Rite Aid's $500 million aggregate principal amount of 7.5 percent senior secured notes due 2017 using a new $500 million second lien term loan as well as available cash, borrowings under its revolving credit facility or both, Rite Aid said.