Can Rite Aid’s C-Suite Shake-Up Be Good News?
Only months after Rite Aid's (NYSE: RAD) planned merger with Walgreens Boots Alliance (NASDAQ: WBA) disintegrated, Rite Aid's CEO Ken Martindale left the company to become the CEO of GNC Holdings, Inc. earlier this month. Following the departure, Rite Aid Chairman Joseph Standley took over full control of the CEO role and on Thursday, he announced he's hired Kermit Crawford to serve as Rite Aid's new president and chief operating officer.
Rite Aid's C-suite shuffle creates a bit of uncertainty, but it may not be bad news for the embattled retail-pharmacy chain. Ultimately, Martindale was responsible for failing to get Rite Aid's merger with Walgreens across the regulatory finish line; perhaps a shake-up at the top is exactly what's necessary to breathe fresh life into this struggling chain.
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Source: Fool.com
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