Board reshuffle at Rite Aid after 2 failed merger attempts
After two failed buyout attempts that could have put it in a better position to compete against larger rivals, Rite Aid is shuffling its board of directors and dividing power at the top of the drugstore chain.
Rite Aid 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. That goes to current board member Bruce Bodaken.
Rite Aid shares plunged Thursday as the company headed into an uncertain future after calling off its merger with the grocer Albertsons.
Analysts and retail insiders questioned the drugstore chain's prospects after it ended a planned takeover by Albertsons before Rite Aid shareholders could vote on it. That vote also faced shaky prospects due to opposition from shareholders and influential proxy advisory firms.
Rite Aid Corp. on Thursday announced Kermit Crawford, a former executive with Walgreens Co., is joining the drugstore chain as president and chief operating officer, effective Oct. 5.
He will report to chairman and CEO John Standley at the pharmaceutical retailer based in Camp Hill, near Harrisburg, Pa.
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