Rite Aid Names Matt Schroeder as New CEO, Unveils Restructuring Plan
Rite Aid has announced significant changes in its executive leadership and a restructuring plan. Dennis Schroder has taken over as CEO, replacing John Standley, while several other key roles have been filled with promotions. The company is also reducing its corporate workforce and expects to save $55 million annually.
Dennis Schroder, previously the CFO, has stepped into the role of CEO after John Standley's departure. Schroder's promotion comes as the board searches for a permanent successor. Other notable promotions include Bryan Everett to chief operating officer, replacing Kermit Crawford, and Brian Hoover to chief accounting officer. Jocelyn Konrad has also been appointed as executive vice president of pharmacy and retail operations.
The company is undergoing a restructuring that involves cutting around 400 full-time corporate positions, more than 20% of its total corporate workforce. This move is expected to result in an annual savings of $55 million. However, the restructuring will initially incur a charge of about $38 million. Moody's Vice President Mickey Chadha has stated that this realignment of the cost structure is necessary given Rite Aid's reduced size following the sale of 2,000 stores to Walgreens in 2017.
Rite Aid's new CEO, Dennis Schroder, is leading the company through significant changes, including executive promotions and a restructuring plan. The company aims to save $55 million annually through these changes, which are seen as necessary to offset reduced income following the Walgreens transition.
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