The drug store chain said Tuesday that it will replace three top executives, including CEO John Standley, who has led Rite Aid since 2010, as well as the company's chief financial and operating officers. Standley will remain CEO until Rite Aid appoints a successor.Rite Aid also said it would eliminate around 400 full-time corporate jobs, or 20% of the positions at the company's headquarters. Rite Aide expects to save around $55 million a year from the restructuring plan.
More recently, Rite Aid's competitors consolidated in order to lower costs, increase profits and stave off pressure from Amazon . CVS agreed to buy health insurer Aetna in 2017 for $69 billion and gained the government's approval last year. Express Scripts and Cigna also closed their $67 billion deal last year.The restructuring and layoffs come months after Albertsons' attempt to buy Rite Aid's collapsed.
Hey realDonaldTrump - MAGA
As long as they keep offering ThriftyIceCream I'll still shop at Rite Aid
maybe change the name to Kool-Aid...wait ...that name is taken
Thankyou POTUS..
Since Caremark has been allowed to vertically integrate (CVS as the provider and Aetna as the payor), they will put other pharmacies (maybe not Walgreens or Walmart) out of business. RiteAid ain’t long for this world.
2/ and all of the reasons they’re not keeping up with other chairs are the reasons they are great. Patients who go there go out of loyalty and satisfaction, not just because there is a Rite Aid on every other corner.
Lol
Why don't you complain about this like you did with the auto companies shutting down a couple places? Oh it wont fit your agenda? Got it makes sense now.
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Source: WSJ - 🏆 98. / 63 Read more »