Rite Aid has selected long-time company executive Matt Schroeder as the company’s new chief executive officer as the company exits federal bankruptcy protection.
Rite Aid, which has eliminated $2 billion of total debt and “received approximately $2.5 billion in exit financing to support the business going forward,” will be operating as a much leaner drugstore chain. Schroeder, who has been the company’s chief financial officer, joined Rite Aid in 2000. He succeeds Jeffrey S. Stein, “who has stepped down as Chief Executive Officer and Chief Restructuring Officer in connection with the Company’s emergence from Chapter 11,” the company announced Tuesday.
“Matt has served in various leadership positions during his tenure at Rite Aid and has a deep understanding of all aspects of our business,” Rite Aid board chairman Bruce Bodaken said. “He has shown outstanding leadership through this process and is an excellent fit for the Company as it advances as a stronger organization.”Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.