Albertsons announced its intent last month to purchase the remainder of the Woonsocket, R.I.-based Rite Aid not involved in the company’s $4.38 billion deal with Walgreens Boots Alliance, which was finalized last September. Under the agreement, Walgreens will purchase 1,932 Rite Aid stores, three distribution centers and related inventory. As of last month, Rite Aid completed the sale of more than half of its planned store transfers to the Deerfield, Ill.-based drug retailer.
Albertsons and Rite Aid executives appointed Mr. Donald to the president and COO role based on his extensive leadership experience in the retail market, according to the report. He has held leadership roles at several large-scale organizations, including the hotel chain Extended Stay America, Starbucks, Walmart and Albertsons. Mr. Donald also previously served on Rite Aid’s board.
Rite Aid and Albertsons aim to complete the merger this summer. However, some Rite Aid shareholders argue the combination will have a negative impact on the drugstore chain. One shareholder told The Wall Street Journal, “Albertsons is buried in debt. [The merger is] going completely backwards for Rite Aid shareholders.”
To access the full Wall Street Journal article, click here.
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