Following the news of Walgreens’ potential acquisition of Rite Aid Corporation, Rite Aid has promoted Darren Karst to the combined role of senior executive vice president and chief financial officer and chief administrative officer, effective immediately. He will continue to report to Rite Aid chairman and CEO John Standley.
Karst, who joined Rite Aid in 2014 as the company’s evp and chief financial officer, is assuming the chief administrative responsibilities currently held by Frank Vitrano, who will remain with the company as its chief strategic business development officer. In addition to Karst’s current responsibilities for all aspects of the company’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions, he will now also be responsible for the company’s information technology, indirect procurement and operating efficiency functions.
The company also announced the appointment of Jim Comitale, currently assistant general counsel, to svp/general counsel and secretary, reporting to Karst. He is succeeding Marc Strassler, who will continue to serve as Rite Aid’s corporate counsel.