Rite Aid restructures: CEO, CFO, COO replaced, 400 jobs cut

Facing pressure from investors, Rite Aid will replace three of its top executives and shed 400 corporate jobs.

As part of the leadership restructuring, Rite Aid CEO John Standley will step down as CEO once his successor is selected. Additionally, the company's COO Kermit Crawford and CFO Darren Karst will leave the company.

Bryan Everett, now COO of Rite Aid stores, was promoted to companywide COO, and Matt Schroeder, chief accounting officer and treasurer, was promoted to CFO.

The leadership overhaul comes months after shareholders rejected the company's proposed executive compensation plan and a merger with grocery store chain Albertson's was called off. Rite Aid has lost more than half of its market value in the last year.

The company will eliminate about 400 full-time corporate positions by consolidating roles and reducing the number of management positions. About two-thirds of the reductions will occur immediately, and the remaining third will occur by the end of fiscal year 2020.

Rite Aid expects to save $55 million annually from the restructuring.

The company also announced the following leadership transitions:

  • Brian Hoover, group vice president and controller, was promoted to chief accounting officer
  • Jocelyn Konrad, executive vice president of pharmacy, was promoted to executive vice president of pharmacy and retail operations
  • Derek Griffith, executive vice president of store operations, will depart

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