Rite Aid has announced major leadership changes, restructuring its organization to reduce cost. All these changes are effective immediately:

  • John Standley has resigned as Chief Executive Officer, but will remain in his position until the Board appoints a new CEO. The board has already started looking for Standley’s replacement.
  • Bryan Everett,  chief operating officer of Rite Aid Stores, is promoted to chief operating officer of the Company, replacing Kermit Crawford who has left the company.
  • Matt Schroeder, chief accounting officer and treasurer, is promoted to chief financial officer, replacing Darren Karst who is leaving Rite Aid this spring.
  • Brian Hoover, group vice president and controller, is promoted to chief accounting officer.
  • Jocelyn Konrad, who is currently the executive vice president for pharmacy, will be the new executive vice president for pharmacy and retail operations, as Derek Griffith, executive vice president for store operations, is leaving the Company.

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 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

All the above changes are aligned with the retailer’s objective of making the company more efficient and profitable.

Source: Rite Aid