Rite Aid is laying off hundreds of people and getting a new CEO, it announced Tuesday.
It says it is reducing management and consolidating roles, eliminating about 400 full-time positions – more than 20 percent of the corporate positions at the company’s headquarters in East Pennsboro Township, Pa., and across the organization.
Approximately two-thirds of the reductions will take place immediately, with the balance by the end of fiscal 2020.
Also, John Standley will step down as chief executive officer when a successor has been found.
Other management changes:
- Bryan Everett, chief operating officer of Rite Aid Stores has been promoted to chief operating officer of the company, succeeding Kermit Crawford, who is leaving.
- Matt Schroeder, chief accounting officer and treasurer, has been promoted to chief financial officer. Schroeder is succeeding Darren Karst, who is leaving.
- Brian Hoover, group vice president and controller, has been promoted to chief accounting officer.
- Jocelyn Konrad, executive vice president, pharmacy, has been promoted to executive vice president, pharmacy and retail operations.
- Derek Griffith, executive vice president, store operations is leaving.
As a result of the restructuring, Rite Aid says it expects to achieve annual cost savings of approximately $55 million.
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