Rite Aid Names IT Industry Leader Matt Lynch as CIO
Last week Fortune 500 drugstore Rite Aid reportedly named IT industry leader Matt Lynch as its Senior Vice President and Chief Information Officer. Lynch will be responsible for the company’s technology and information operations, including:
- Computer Systems
- Data Security
Lynch will report to Frank Vitrano who serves as the company’s Senior Executive Vice President, Chief Financial Officer and Chief Administrative Officer.
From Aero to Retail
Lynch will replace Don Davis, who is retiring after 14 years at the company.
“Matt is a seasoned information technology professional with diverse business systems management and deep retail experience,” said Vitrano. “Additionally, his expertise with advanced systems — spanning all key business functions — will be extremely beneficial to Rite Aid as we continue to enhance our information technology and services platforms to help us achieve our dual goals of delivering a superior customer experience and driving continued growth for our company.”
Prior to joining Rite Aid, Lynch held a series of management positions at ShopKo Stores Operating Co., LLC, American West Airlines, Air Wisconsin, and Runzheimer International before holding his more recent position as Senior Vice President and Chief Information Officer for Dick’s Sport Goods. He began his IT industry career more than 30 years ago as a software engineer with Sperry Aerospace.
Lynch attended Northern Arizona University in Flagstaff, AZ where he received his Bachelor’s degree in Computer Science.
Stability for Rite Aid
Over the last year, Rite Aid’s revenue growth has slightly outperformed the industry average of 6.3%; however, they experienced a steep decline in earnings per share in Q1 of this year compared to Q1 of last year. The company continues to report volatile earnings, and both the gross profit margin and net profit margin for the company are significantly trailing the industry average.
With the financial reporting reflecting possible turmoil at the company, our analysts believe that Lynch will be responsible for maintaining and sustaining the IT environment to help promote corporate stability and growth. At Dick’s Sporting Goods, Lynch played an active role in supervising the enterprise IT function and more specifically the company’s ecommerce. This is something we expect to see translated into his new position.
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