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Sergey Savastiouk's Avatar
published in Blogs
Sep 27, 2018
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Rite Aid (RAD, $1.28) Wants A Board Reshuffle

Rite Aid wants to rejig its board, after two failed merger plans.

The  drugstore chain said Thursday that three new, independent directors will be nominated to its board and that CEO John Standley will no longer hold the title of chairman. Next month, shareholders will vote on whether to approve board nominees Robert Knowling Jr., Louis Miramontes and Arun Nayar – who, if elected, would replace current directors David Jessick, Myrtle Potter and Frank Savage. The shakedown of management comes close on the heels of failure of two buyout attempts - by the grocer Albertsons and pharmacy chain Walgreens respectively.

Walgreens, however, did buy nearly 2,000 stores from Rite Aid Corp. Following the sale of its stores, Rite Aid now has about 2,500 locations mostly on the East and West coasts, and a pharmacy benefit management business.

On Thursday, Rite Aid announced that its fiscal second-quarter earnings narrowly fell short of the consensus expectation on Wall Street.

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a provider of drug store services

Industry DrugstoreChains

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Industry
Drugstore Chains
Address
108 Wilmot Road
Phone
+1 847 315-3700
Employees
331000
Web
https://www.walgreensbootsalliance.com
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