Economy

Ex-Rite Aid chief is named CEO of GNC

Ex-Rite Aid chief is named CEO of GNC”

Ken Martindale has stepped down as chief executive of Rite Aid Stores to take the reins of the struggling GNC Holdings.

The Camp Hill based company's president and CEO Ken Martindale is leaving to join GNC in Pittsburgh. As part of the transition, Michael F. Hines will step down as Chairman, but will remain on the Board.

The changes will become effective on September 11.

The man formerly in charge of Rite Aid Corp.'s stores has left the company to lead another drug chain.

Rite Aid, which operates more than 4,500 stores in 31 states and the District of Columbia, is in the midst of a revamped merger with Walgreens Boots Alliance. Prior to joining Rite Aid, he was co-president, chief merchandising and marketing officer for Pathmark Stores.

Meanwhile, confirming Martindale's departure, Rite Aid said it had promoted Bryan Everett - now executive vice president of store operations - to the newly created position of chief operating officer. The retailer's net income took a drastic dive, dropping from $64 million in Q2 2016 to $15.7 million for the same period this year.

"We made good progress in the second quarter, and our investments in pricing, loyalty and improving the customer experience continued to deliver positive results", interim CEO Bob Moran stated in July.

"I have a deep admiration for GNC, the tremendous brand they've built and, in particular, the successful work they're doing to fundamentally transform the business model", said Martindale. Known for its line of vitamins and supplements, GNC has about 9,000 stores worldwide, including 2,378 Rite Aid franchise store-within-a-store locations.



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