GNC names former Rite Air president as its new CEO
Health and wellness products retailer GNC Holdings Inc. said Wednesday that it named Ken Martindale as its chief executive officer, replacing interim CEO Bob Moran. Martindale was previously president of Rite Aid Corp. , and Moran was elected non-executive chairman of the board. The company said Michael Hines will step down as chairman, effective Sept. 11, but remain on the board. "Ken is a proven leader with deep retail expertise, intimate knowledge of our business through his years of leadership with our partner, Rite Aid, and a record of success in transforming retail business models," Hines said. The stock, which was inactive in premarket trade, has plunged 27% year to date, while the SPDR S&P Retail ETF has shed 10% and the S&P 500 has gained 9.8%.
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