Rite Aid CEO Heyward Donigan guided the company through the Covid-19 pandemic.
Photo Credit: Mandel Ngan/Agence France-Presse/Getty Images Updated 9 Jan 2023 4:43pm ET
Rite Aid Corp. RAD 0.87% announced on Monday that President and Chief Executive Heyward Donigan has departed the drugstore chain, whose shares have teetered near all-time lows amid mounting losses.
The company has appointed board member Elizabeth Burr as interim CEO in search of a new executive. Ms. Burr is a healthcare industry veteran and previously served as Chief Innovation Officer at health insurance giant Humana Inc. HUM -2.20%
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Ms Donigan was appointed CEO of Rite Aid in 2019 and has guided the company through the Covid-19 pandemic which has put pharmacy chains on the front line for testing and later immunizations. But the company has posted bigger losses over the past year as the pandemic eased and revenue plummeted.
Last month, Rite Aid upgraded its annual loss guidance for the third straight quarter, sending shares to their lowest level in 48 years.
Shares closed Monday at $3.48, up nearly 1% from Friday but just 36 cents from its all-time low.
Rite Aid on Monday confirmed its guidance for fiscal 2023, which calls for sales of up to $24 billion and a loss of up to $584 million.
Write to Dean Seal at [email protected]
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Appeared in the January 10, 2023 print edition as “Rite Aid’s Chief Steps Down From Drugstore Chain”.