Rite Aid names CEO John Standley as chairman
New York — 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.”
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.
Dollar Tree announces two-for-one stock split
Chesapeake, Va. — Dollar Tree has approved a 2-for-1 stock split in the form of a 100% common stock dividend. The new shares will be distributed June 26 for shareholders of record as of the close of business on June 12.
With the stock split, the number of outstanding shares of the company’s common stock will increase from approximately 116 million shares, pre-split, to approximately 232 million shares, post-split.
“Dollar Tree is committed to building value for long-term shareholders,” stated Bob Sasser, president and CEO. “The stock dividend announced today is designed to increase the liquidity of the company’s stock and provide a more attractive entry point for shareholders, affording the potential to broaden the shareholder base.”
Bombay& Co. selects TD Retail Card Services for private label credit card program
Mahwah, N.J. — Bombay & Co. Inc. has selected TD Retail Card Services, a unit of TD Bank, to create and administer its private label credit card.
Under the agreement, TD will direct all facets of the program for the Toronto-based company’s 50 stores located in Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario and Quebec. The new Bombay & Co. credit card will offer consumers a full menu of deferred interest and equal pay programs.
The retailer, originally known as The Bombay Company, was acquired in 2008 by a family-owned company in Canada. Renamed Bombay & Co., Inc., the retailer is now 100% Canadian-owned and operated.