Canadian Manufacturing

by The Associated Press   

A board reshuffle at Rite Aid after 2 failed merger attempts

Canadian Manufacturing
Financing


Rite Aid Corp. is on an accelerated course to reorganize its board after two failed buyout attempts

After two failed buyouts, 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.

Shareholders will vote next month on whether to approve new board nominees Robert Knowling Jr., Louis Miramontes and Arun Nayar.

Bodaken said in a prepared statement that the board reorganization was accelerated after hearing from shareholders following the collapse last month of an attempted buyout by Albertsons. Rival Walgreens also failed in a separate attempt to acquire Rite Aid Corp., which is based in Camp Hill, Pennsylvania.

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