Rite Aid Chooses Former Insurance Executive As CEO

Drug store chain Rite Aid CEO John Standley recently announced his plan to step down, leaving the company with quite the task of naming a new CEO.  This week, we have learned that healthcare veteran Heyward Donigan both to the board of directors and to the chief executive officer position.  

The 58-year old Donigan is the second female to serve as Rite Aid’s top executive in the company’s history. She has previous experience as an executive with Premera Blue Cross but most recently served as the CEO of healthcare marketplace assistance technology platform Sapphire Digital. 

Rite Aid chairman Bruce Bodaken notes that the announcement of Donigan is crucial in the positioning of Rite Aid for future endeavours.0  He also notes that the company has all the confidence in the world that Donigan is the right person to fill the vacant position, with the potential to lead the company to better capitalize on opportunities in the always-evolving healthcare environment.

Bodaken goes on to say, “Over the past several months the Rite Aid Board conducted a thorough search, and Heward’s strong senior executive experience, proven leadership capabilities, and consistent track record of driving profitable growth, as well as her broad healthcare knowledge and digital shopping technology expertise set her apart.  Her skillset will be invaluable as we work to deliver on the full potential of our business and create additional long-term value for our shareholders, associates, customers, and patients.”

Indeed, it has been several months since Rite Aid announced this plan. It was all the way back in March that the company revealed this restructuring plan; a strategy that included the cutting of 400 corporate positions the company hoped would save $55 million every year.  This could be helpful since the company has posted a $99.7 million loss in the first quarter of this year.