Shares of Rite Aid Corp. RAD, +4.37% were indicated up nearly 1% in premarket trading Tuesday, after the drug store chain announced a realignment of its management team that includes the elimination of the chief operating officer (COO) position and consolidation of leadership of its pharmacy business. As part of the realignment, COO Jim Peters and Chief Pharmacy Officer Jocelyn Konrad have left the company, after both were in their roles since October 2019. Karen Staniforth, senior vice president of clinical pharmacy services, was named chief pharmacy officer, while Chief Retail Officer Andre Persaud will take over field operations for pharmacy and will oversee front-end operations. “The changes we announced today are part of our ongoing efforts to reduce costs and remove layers,” said Chief Executive Heyward Donigan. Rite Aid’s stock has dropped 28.1% over the past three months through Monday, while the S&P 500 SPX, +2.74% has lost 10.6%.
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