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$15 Billion Rite Aid Demotes CFO After SEC Probe

Compliance Week | January 13, 2004

After four years with Rite Aid, Christopher Hall has agreed to relinquish his role as CFO as the result of a proposed settlement with the SEC concerning his work at another company. Effective immediately, Hall will serve as senior vice president of real estate and planning. John Standley, the company's senior executive vice president and CAO, will take on the CFO role while maintaining his current duties. The SEC has accused Hall of violating books-and-records provisions and internal accounting control provisions stemming from his tenure at Ralphs Grocery Co. in 1998. The proposed settlement would not require Hall to admit or deny any wrongdoing.

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