Rite Aid has announced a major leadership reshuffle to "better align its structure with the Company’s operations and to reduce costs." In the past couple years, Rite Aid has seen multiple mergers fall through and the drugstore recently sold almost 2,000 stores to its long-time rival Walgreens.
As part of the leadership transition, John Standley will step down as chief executive officer. The Board will promptly commence a search process for a new CEO, and Standley will remain CEO until the appointment of his successor.
Rite Aid also announced additional management changes, each of which is effective immediately. Bryan Everett, chief operating officer of Rite Aid Stores has been promoted to chief operating officer of the Company, succeeding Kermit Crawford who is leaving the Company. Matt Schroeder, chief accounting officer and treasurer, has been promoted to chief financial officer. Schroeder is succeeding Darren Karst who is leaving the Company this spring after supporting a brief transition.
Approximately two-thirds of the reductions will take place immediately with the balance by the end of fiscal 2020. As a result of the restructuring, Rite Aid expects to achieve annual cost savings of approximately $55 million, of which approximately $42 million will be realized within fiscal year 2020.
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