Milwaukee-based Roundy’s Inc. announced that its chief financial officer and executive vice president, Darren Karst, will leave the company to join Rite Aid Corp.
Karst has served as CFO and EVP at Roundy’s since 2002. He will serve as executive vice president and chief financial officer at Camp Hill, Penn.-based Rite Aid, one of the largest drug stores in the country.
Michael Turzenski, group vice president and chief accounting officer at Roundy’s, has been promoted to group vice president, chief financial officer at the grocer. He joined the company in 2007 as vice president, controller and has served in his current role since February 2012.
“Darren has been a great partner and leader during his tenure here at Roundy’s,” said Robert Mariano, chairman, president and chief executive officer of Roundy’s. “He has been a significant contributor to our growth and he leaves us with a talented management team that he developed. I will miss Darren and I wish him well in his future personal and professional endeavors. We are excited to have Mike Turzenski accept the CFO role. Mike has been an important part of our management team and has played a very active role in executing our business objectives. We envision a seamless transition from Darren to Mike.”
Roundy’s operates Pick ‘n Save, Copps, Metro Market and Mariano’s branded stores. It has 121 stores in Wisconsin, including 60 in the Milwaukee area.
As the Milwaukee area grocery market has recently become increasingly competitive, the company has lost some of its market share. Roundy’s has focused on growing its business in Chicago and has announced closures of its Minneapolis/St.Paul Rainbow stores and its Stevens Point distribution center. The company reported a net loss of $4.5 million in the first quarter of 2014.
