Rite Aid is shaking up its leadership ranks and slashing 400 jobs as the company struggles to adapt to changes in the retail and pharmacy industries
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.
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