Rite Aid reports leadership changes and restructures organization

Source: riteaid, Thursday, Mar 14, 2019

Rite Aid has announced major leadership changes, restructuring its organization to reduce cost. All changes are effective immediately. John Standley has resigned as CEO but will remain in his position until the Board appoints a new CEO. Bryan Everett is promoted to Chief Operating Officer of the company. Matt Schroeder is promoted to Chief Financial Officer. Jocelyn Konrad will be the new Executive Vice President for pharmacy and retail operations.

The retailer will also combine additional senior leadership roles, dissolving some positions and eliminating around 400 full-time positions at the company's headquarters and the wider organization. The retailer intends to complete these changes by 2020 and achieve an annual cost savings of approximately USD55 million, out of which around USD42 million will be realized within the fiscal year 2020.