Rite Aid appoints CEO as chairman of the board

CAMP HILL, Pa. -- Rite Aid Corp. announced Friday that its president and CEO John Standley will also become chairman of its board.

Standley has been CEO of the company since 2010 and already served as a member of the company's board of directors. He will take on his role of chairman on June 21 at the drugstore chain's annual shareholders meeting. He succeeds Mary Sammons, who has served as chairman since 2007.

"I am grateful for the confidence the board has placed in me, and I look forward to working with the entire Rite Aid team to enhance shareholder value through improved business results," Standley said in a statement.

Rite Aid will continue to have a lead independent director position, held by Michael Regan, to oversee and monitor the activities of the board.

The company, based in Camp Hill, Pa., operates 4,700 stores across the country. Its shares fell 3 cents to close at $1.31 Friday.