Darren Karst Joins Rite Aid as New Executive Vice President and Chief Financial Officer
Rite Aid recently announced the hiring of Darren Karst, a highly experienced retail finance executive from Roundy’s Inc., who began serving as Rite Aid’s executive vice president and chief financial officer effective Aug. 20.
Karst succeeds Frank Vitrano, who has announced he will retire in September, 2015. Until then, Vitrano retains the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions.
In his position, Karst is responsible for all aspects of the company’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions. He will report to Rite Aid’s Chairman and CEO John Standley.
“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.”
“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, and we thank him for all his dedication and hard work.” Standley added.
Karst has served the Milwaukee, Wis., Midwest grocer, Roundy’s Inc., as executive vice president, chief financial officer 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 chief financial officer and a director.
Karst earned a bachelor’s degree in business administration and accounting from the University of Kansas in Lawrence and is also a certified public accountant.