Rite Aid Corp. said it will part ways with its top managers and shed about 400 jobs, cutting about $55 million in costs as the drugstore chain tries to turn itself around.
CEO John Standley, COO Kermit Crawford, and CFO Darren Karst will all step down, Rite Aid said in a statement Tuesday.
“It is imperative we take action to reduce the cost of current operations and become a more efficient and profitable company,” Bruce Bodaken, chairman of the company's board of directors, said in a statement. “The board believes that now is the right time to undertake a leadership transition.”
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
