John Lederer to be Appointed Chairman of the Board and CEO of Duane Reade Holdings,...

John Lederer to be Appointed Chairman of the Board and CEO of Duane Reade
Holdings, Inc. and Duane Reade Inc.

NEW YORK, March 31 /PRNewswire/ -- Duane Reade Holdings, Inc. and its
subsidiary, Duane Reade Inc., announced today that John A. Lederer will be
named Chairman of the Board and Chief Executive Officer. Mr. Lederer's
employment with Duane Reade is expected to become effective within the week.
From 2001 to 2006, Mr. Lederer was the President of Loblaw Companies
Limited, a Canadian supermarket chain with more than 1,000 corporate and
franchised stores under various operating banners. Loblaw is Canada's largest
grocery retailer and a leading provider of general merchandise, drugstore and
financial products and services.
"I look forward to this exciting opportunity to build upon Duane Reade's
strong operating and financial performance over the past two years," said Mr.
Lederer. "I am joining a talented senior management team that has directed a
very impressive transformation and is dedicated to delivering additional
success. I am committed to working with this team to enhance Duane Reade's
market leadership position in the New York metropolitan area and to helping
the Company achieve its primary objective to serve the unique needs of the New
York City consumer."
During his 30-year career at Loblaw and its subsidiary companies, Mr.
Lederer held a number of senior positions throughout the organization. Under
Mr. Lederer's leadership as President, Loblaw grew its reported annual sales
from $20 billion CAD in 2000 to over $28 billion CAD in 2006. Immediately
prior to his appointment as President in 2001, Mr. Lederer served as Executive
Vice President responsible for the merchandising, operations and profit
performance of all Loblaw businesses in eastern Canada. Mr. Lederer currently
serves as a director of Tim Hortons Inc.
Tyler J. Wolfram, a Director of Duane Reade and a Partner of Oak Hill
Capital Partners, said, "John Lederer is one of the finest executives in the
retail industry. He comes to Duane Reade with a proven track record of
driving innovation and operating excellence. John's notable expertise in
merchandising and store operations will ensure Duane Reade's continued
progress against key operating initiatives. John's demonstrated ability to
define and guide important strategic initiatives and unit expansion programs
will allow the Company to accelerate its next phase of growth. The Board is
confident that John is the right individual to lead Duane Reade into the
future."
David W. D'Arezzo, Duane Reade's Senior Vice President and Chief Marketing
Officer, who most recently has served the Company as its Interim Chief
Executive Officer, will continue his responsibilities as Senior Vice President
and Chief Marketing Officer under Mr. Lederer once Mr. Lederer becomes Chief
Executive Officer.
"We thank Dave for his service as Interim Chief Executive Officer," said
Mr. Wolfram. "Over the past three months, Dave's leadership has allowed Duane
Reade to sustain its strong momentum, and we expect that Dave will continue to
be 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 the
metropolitan New York City area, offering a wide variety of prescription and
over-the-counter drugs, health and beauty care items, cosmetics, greeting
cards, photo supplies and on-site photofinishing. As of December 29, 2007, the
Company operated 242 stores. Duane Reade maintains a website at
http://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.

John Henry, SVP, Chief Financial Officer of Duane Reade Holdings, Inc.,
+1-212-273-5746; or Investors, Cara O'Brien, or Caren Barbaram, or Media,
Diane Zappas, all of Financial Dynamics, +1-212-850-5600