Camp Hill, Pa. (Jan. 26, 2015) – Rite Aid Corporation (NYSE: RAD) announced today that Ray Payne, currently vice president, real estate west coast, has been promoted to group vice president, real estate. Payne succeeds Karen Smith, who retired last year after more than 35 years with the company.
As Group Vice President of Real Estate, Payne will be responsible for developing and executing the company’s real estate strategy nationwide, including establishing a pipeline of properties for new and relocated stores. Additionally, Payne will oversee the company’s tenant administration program and surplus properties. He will report to David Kelly, Rite Aid’s senior vice president of store development.
“Convenient store locations play an important role in Rite Aid’s dedication to providing an overall exceptional customer experience,” Kelly said. “We look forward to benefitting from Ray’s knowledge and real estate expertise in his new role as he and his team work to forward Rite Aid’s real estate strategy.”
In 1982, Payne worked as a staff attorney and then as a personnel manager for Sav-On Drug Stores. His real estate career began in 1986, working for American Stores Properties as a real estate manager. In 1989, Payne joined PayLess Drug Stores as real estate director and was named group vice president, real estate in 1992. Payne joined Rite Aid in 1996 as the regional director of real estate and was promoted to his current position of vice president, real estate west coast in 2001.
Payne holds a juris doctor degree in law from the University of San Diego and a bachelor’s degree in history from San Diego State University. He is also a member of California State Bar and International Council of Shopping Centers.
Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2014 annual revenues of $25.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.
SOURCE: Rite Aid