The drug store chain said on Tuesday 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 operations manager. Standley will remain CEO of Rite Aid appointing a successor.
Rite Aid also said it would eliminate around 400 full-time positions, or 20% of the positions at the company's headquarters. Rite Aide expects to save around $ 55 million a year from the restructuring plan.
"It is positive in light of the intense competition pressures the company is facing," said Mickey Chadha, an analyst at Moody's, about the Rite Aids move.
"We've heard the views of our shareholders," Standley said in August.
Rite Aid was an acquisition target even before Albert's.