Rite Aid Corp said on Tuesday its chief executive officer would exit as part of ...
- Rite Aid Corp said on Tuesday its chief executive officer would exit as part of a revamp of its leadership, and that it would slash about 400 corporate positions.
The company expects annual savings of about $55 million from the restructuring, of which about $42 million will be realized within fiscal year 2020.John Standley, CEO since 2010, will remain in the post until the appointment of his successor, the company said. Almost the entire executive management team is moving on leaving the company in the hands of Rite Aid veterans who created the challenges and making it tough to recruit a new CEO, Evercore ISI analyst Ross Muken said in a note.
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