YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Rite Aid CEO John Standley is among three high-ranking executives the company is replacing as part of a management shakeup.
The executives are among some 400 corporate employees being let go. Rite Aid expects to realize savings of $55 million annually from the layoffs.
Chief Financial Officer Darren Karst and Chief Operating Officer Kermit Crawford also are being replaced.
"Rite Aid’s board of directors is committed to more closely aligning the structure and leadership of the company with our present scale, and today's announcement is an important step in positioning Rite Aid for future success,” said Bruce Bodaken, chairman of Rite Aid’s board of directors. “These are difficult decisions and we recognize the implications they have for individuals across our organization. However, it is imperative we take action to reduce the cost of current operations and become a more efficient and profitable company.”
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