NEW YORK, March 31 Duane Reade Holdings, Inc. and itssubsidiary, Duane Reade Inc., announced today that John A. Lederer will benamed Chairman of the Board and Chief Executive Officer. Mr. Lederer'semployment with Duane Reade is expected to become effective within the week.
From 2001 to 2006, Mr. Lederer was the President of Loblaw CompaniesLimited, a Canadian supermarket chain with more than 1,000 corporate andfranchised stores under various operating banners. Loblaw is Canada's largestgrocery retailer and a leading provider of general merchandise, drugstore andfinancial products and services.
"I look forward to this exciting opportunity to build upon Duane Reade'sstrong operating and financial performance over the past two years," said Mr.Lederer. "I am joining a talented senior management team that has directed avery impressive transformation and is dedicated to delivering additionalsuccess. I am committed to working with this team to enhance Duane Reade'smarket leadership position in the New York metropolitan area and to helpingthe Company achieve its primary objective to serve the unique needs of the NewYork City consumer."
During his 30-year career at Loblaw and its subsidiary companies, Mr.Lederer held a number of senior positions throughout the organization. UnderMr. Lederer's leadership as President, Loblaw grew its reported annual salesfrom $20 billion CAD in 2000 to over $28 billion CAD in 2006. Immediatelyprior to his appointment as President in 2001, Mr. Lederer served as ExecutiveVice President responsible for the merchandising, operations and profitperformance of all Loblaw businesses in eastern Canada. Mr. Lederer currentlyserves as a director of Tim Hortons Inc.
Tyler J. Wolfram, a Director of Duane Reade and a Partner of Oak HillCapital Partners, said, "John Lederer is one of the finest executives in theretail industry. He comes to Duane Reade with a proven track record ofdriving innovation and operating excellence. John's notable expertise inmerchandising and store operations will ensure Duane Reade's continuedprogress against key operating initiatives. John's demonstrated ability todefine and guide important strategic initiatives and unit expansion programswill allow the Company to accelerate its next phase of growth. The Board isconfident that John is the right individual to lead Duane Reade into thefuture."
David W. D'Arezzo, Duane Reade's Senior Vice President and Chief MarketingOfficer, who most recently has served the Company as its Interim ChiefExecutive Officer, will continue his responsibilities as Senior Vice Presidentand Chief Marketing Officer under Mr. Lederer once Mr. Lederer becomes ChiefExecutive Officer.
"We thank Dave for his service as Interim Chief Executive Officer," saidMr. Wolfram. "Over the past three months, Dave's leadership has allowed DuaneReade to sustain its strong momentum, and we expect that Dave will continue tobe a key driver of Duane Reade's success in the future."
About Duane Reade
Founded in 1960, Duane Reade is the largest drug store chain in themetropolitan New York City area, offering a wide variety of prescription andover-the-counter drugs, health and beauty care items, cosmetics, greetingcards, photo supplies and on-site photofinishing. As of December 29, 2007, theCompany operated 242 stores. Duane Reade maintains a website athttp://www.duanereade.com.Contacts: Duane Reade Holdings, Inc. John Henry (212) 273-5746 SVP - Chief Financial Officer Investors: Cara O'Brien/Caren Barbara Press: Diane Zappas (212) 850-5600 Financial Dynamics
SOURCE Duane Reade Holdings, Inc.