Rite Aid names new CEO
Chicago Rite Aid on Thursday announced that John Standley will be promoted to the position of president and CEO effective June 24 at the company’s annual stockholder meeting. Mary Sammons, currently Rite Aid chairman and CEO, will remain as chairman.
Standley’s promotion is part of the company’s executive succession plan and was approved Thursday at a regularly scheduled meeting of Rite Aid’s board of directors. Sammons, 63, will remain Rite Aid’s chairman until the company’s annual meeting in June 2012. Sammons said she intends to be an active chairman, continuing to represent the company in industry and government affairs, as well as assist as needed with strategic initiatives.
Standley, 46, returned to Rite Aid in September 2008 as president and COO after leaving in August 2005 to become CEO and board director of Pathmark Stores, where he was credited for engineering a second turnaround, the first being Rite Aid during his first tour there. He originally joined Rite Aid in December 1999 as executive VP and CFO, part of a new executive management team that also included Sammons.
Taco Bell founder dies at age 86
San Bernardino, Calif. Glen W. Bell, Jr., founder of the Taco Bell fast-food chain, died Sunday at the age of 86.
No cause of death has been given for Bell, who suffered from Parkinson’s disease since 1985.
The taco entrepreneur entered the fast-food business in 1951 from a drive-in location in San Bernardino, Calif. His first restaurant under the Taco Bell banner opened in March 1962 in Downey, Calif.
PepsiCo purchased Taco Bell in 1978 for $125 million and eventually spun off its restaurants into Tricon Global Restaurants, now known as Yum Brands.
Taco Bell serves more than 36 million customers each week in more than 5,600 U.S. locations.
Dollar Tree appoints new director
Chesapeake, Va. Dollar Tree has appointed Conrad Hall to its board of directors
Hall served as the president and CEO of media and marketing information services company Dominion Enterprises until his retirement last year.
It is not yet clear if the company created a new spot on the board, or if Hall had replaced someone.