Rite Aid has appointed former Roundy’s executive Darren Karst as EVP and CFO, effective Aug. 20, to succeed Frank Vitrano, who has announced he will retire in Sept. 2015. Karst will report to Rite Aid’s chairman and CEO John Standley.
Karst will be responsible for all aspects of the company’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions.
“We are pleased to welcome Darren to the Rite Aid team,” said Standley. “He is a proven leader with a broad-based financial background and a track record of success across a range of operating and financial disciplines. I am confident Darren’s deep retail knowledge and experience will serve Rite Aid well as we move forward.”
At Roundy’s, a leading Midwest grocer based in Milwaukee, Wis., Karst served as EVP, CFO and assistant secretary since 2002. Prior to that, Karst was a partner at the Yucaipa Companies, a private equity investment firm. He also held executive financial positions within several Yucaipa portfolio companies, including Chicago-based Dominick’s, where he served as the CFO and a director.
Karst earned a bachelor’s degree in business administration and accounting from the University of Kansas in Lawrence. He is also a certified public accountant.
Until Sept. next year, Vitrano will retain the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.
“I would also like to acknowledge the pivotal role Frank Vitrano has played in helping significantly improve Rite Aid’s business performance and results over the past six years,” added Standley. “We thank Frank for his dedication and hard work and we look forward to continuing to work together on executing our strategy to expand our health care offering and transform Rite Aid into a growing retail health care company.”