Rite Aid Corp. shareholders rejected the firm's executive-compensation program amid criticism that the pharmacy chain paid special awards tied to mergers that didn't work out.
About 84 percent of shares cast at Rite Aid's annual meeting Tuesday denounced the pay program, according to Michael Pryce-Jones, senior governance analyst at the International Brotherhood of Teamsters, which criticized the board's compensation decisions. The resolution was non-binding.
“After today's shareholder meeting, it is clear CEO Standley must rebuild trust among Rite Aid investors and workers alike,” Ken Hall, the union's general secretary, said in an emailed statement. “This startling lack of accountability and executive enrichment not only exposes a cultural void at the top, but also erodes morale among rank-and-file employees.”
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