Rite Aid named longtime healthcare executive Heyward Donigan as new CEO to replace the embattled John Standley
. Donigan is also formerly CEO at ValueOptions, a behavioral health company and held executive roles at Premera Blue Cross and Cigna in her early career.
“We are confident that Heyward is the right person to lead the company in capitalizing on the opportunities in the evolving healthcare environment,” said Bruce Bodaken, chairman of Rite Aid's Board of Directors. “Heyward’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.
For her efforts, Donigan will get an"inducement award," Rite Aid said in its announcement. The award consists of a"restricted stock award with a grant date fair value equal to $2 million . . . and nonqualified stock options with a grant date fair value equal to $2 million,"Following the sale of stores to Walgreens Boots Alliance in the last two years, Rite Aid's store count has been cut almost in half.
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Rite Aid names Heyward Donigan CEO, to succeed John StandleyRite Aid Corp. said Monday it named Heyward Donigan as its chief executive officer, effective immediately. The drugstore chain said Donigan replaces John Standley, who steps down as planned after nine years in the role. Donigan was most recently CEO of Sapphire Digital, which develops omnichannel platforms that help consumers choose their best healthcare providers. "Over the past several months the Rite Aid Board conducted a thorough search, and Heyward'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," said Chairman Bruce Bodaken. The stock, which was still inactive in premarket trading, has tumbled 49.2% year to date, while the S&P 500 has climbed 16.4%.
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