- Push-out Score determined
- After almost nine years in the position
- Praise and thanks for Standley
- Search for a successor
(exechange) — Camp Hill, Pennsylvania, March 12, 2019 — John Standley, chief executive of Rite Aid, leaves. As announced by Rite Aid Corp. in a news release on Tuesday, March 12, 2019, John T. Standley leaves his post as chief executive officer at the drugstore chain after almost nine years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.1 years, according to data compiled by exechange.
Standley will remain CEO until the appointment of his successor.
John Standley’s move is part of a management shake-up also involving the positions of chief operating officer; chief financial officer; chief accounting officer; and executive vice president, pharmacy and retail operations.
“To better align its structure with the Company’s operations and to reduce costs”
The management change is explained as follows. Rite Aid said in a fairly blunt statement: “Rite Aid Corporation … announced today a leadership transition plan and an organizational restructuring to better align its structure with the Company’s operations and to reduce costs.”
Precise information regarding John Standley’s future plans was not immediately available.
Rite Aid said: “As part of the leadership transition, John Standley will step down as chief executive officer.”
Share price decline
The announcement follows a decline in Rite Aid Corporation’s share price of 92 percent since January 2017.
Chaired by Bruce Bodaken
Rite Aid Corporation is chaired by Bruce Bodaken.
In the position of CEO since 2010
John T. Standley has been the Chief Executive Officer of Rite Aid Corporation since June 24, 2010.
Standley was President from September 2008 until June 2013.
Standley served as Chairman of the Board from June 21, 2012 through October 30, 2018.
He was the Chief Operating Officer from September 2008 until June 2010.
He also served as a consultant to Rite Aid from July 2008 to September 2008.
From August 2005 through December 2007, Standley served as Chief Executive Officer and was a member of the board of directors of Pathmark Stores, Inc.
From June 2002 to August 2005, he served as Senior Executive Vice President and Chief Administrative Officer of Rite Aid; and, in addition, in January 2004 was appointed Chief Financial Officer of Rite Aid.
He had served as Senior Executive Vice President and Chief Financial Officer of Rite Aid from September 2000 to June 2002 and had served as Executive Vice President and Chief Financial Officer of Rite Aid from December 1999 until September 2000.
Standley served on the Supervalu Inc. board of directors from May 2013 to July 2015.
Standley currently serves on the National Association of Chain Drug Stores’ board of directors and is a member of the Board’s Executive Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that John Standley was pushed out or felt pressure to leave the position.
exechange reached out to Rite Aid and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2019 ($).