Cardenas Markets’ parent names former Rite Aid finance chief Darren Karst CFO

Heritage Grocers Group (HGG), parent company of Cardenas Markets and Tony’s Fresh Markets, named Darren Karst CFO Thursday.

Matthew Holt, who had been serving as chief financial officer, will become EVP of finance for Heritage Grocer Group, the Ontario, California-based company said.

Karst previously served as CFO and EVP for Rite Aid and has also held the same posts at Roundy’s, Inc. He has also been a partner at private-equity firm Yucaipa Companies and held executive financial positions at Yucaipa portfolio companies, including Chicago-based Dominick’s Supermarkets, where he was CFO.

Heritage Grocers Group CFO Darren Karst. / Photo courtesy: Heritage Grocers Group

“Having served as CFO for both private and public companies, he is a proven and seasoned leader who brings extensive retail experience to HGG,” CEO Doug Sanders said in a statement. “His broad background in finance and strategy will be a tremendous asset in achieving current and future business objectives.”

Cardenas Markets was acquired by Tony’s Fresh Market parent Apollo Funds in June.

It has made several executive changes in the months since. Last month, Cardenas Markets promoted Eric Stover to CEO. Stover had previously served as chief merchandising officer. Sanders had previously been Cardenas’ CEO before being elevated to oversee all of HGG.

In February, grocery veteran Ted Frumkin was added as SVP of store development for HGG.

HGG operates specialty and ethnic grocery stores in California, Nevada, Arizona and Illinois, including 57 Cardenas Markets stores, 21 under the Tony’s Fresh Market banner and seven Los Altos Ranch Market locations.