GNC Holdings (NYSE: GNC) today announced that its board of directors has appointed Ken Martindale as chief executive officer.
Martindale succeeds interim CEO Bob Moran, who has been elected non-executive chairman of the GNC board and will work closely with Martindale to ensure a smooth leadership transition and continued execution of GNC's successful transformation plan. As part of the transition, Michael F. Hines will step down as chairman but will remain on the board. These changes are effective Sept. 11.
Martindale most recently served as CEO of Rite Aid Stores and president of Rite Aid, where he was instrumental in leading the company's transformation, including the roll out of a new store format and an expansion of the company's loyalty program.
"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," said Hines. "I want to thank Bob for stepping in as interim CEO and for putting GNC on the right path. I am confident that Ken, with the support of the talented GNC team, Bob and the rest of the board, will continue to deliver improved performance and drive value for shareholders."
"It has been a pleasure to serve as GNC's interim CEO," said Moran. "I'm proud of what we've accomplished so far and look forward to working with Ken and the team as we continue to leverage the strengths and advantages inherent in our model, improve the customer experience and make progress toward our goal of delivering meaningful, profitable growth."
Martindale said, "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. I'm excited to work with Bob and the team to build on the momentum they've created."
Martindale joined Rite Aid Corp. in December 2008 as senior executive vice president of merchandising, marketing and logistics, and was named senior executive vice president and chief operating officer in 2010. In June 2013, he was promoted to president and chief operating officer and took on the additional role as CEO of Rite Aid Stores in August 2015. Prior to joining Rite Aid, he was co-president, chief merchandising and marketing officer for Pathmark Stores.