Rite Aid is undergoing spring cleaning of its C-suite: It’s ousting its CEO, CFO, COO and eliminating 400 corporate jobs in a bid to save $55 million.
Current CEO John Standley will remain in the position until his successor his named, while the CFO and COO positions were replaced with internal employees.
Walgreen’s bought approximately half of Rite Aid’s stores in 2017.
One year later, Rite Aid investors blocked the company’s plan to sell to Albertsons.
It has 2,500 stores — fewer than its rivals.
Rite Aid’s Board of Directors is committed to more closely aligning the structure and leadership of the Company with our present scale,” the company said in a statement.
Shares are up 20% in premarket trading.
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