Rite Aid said on Tuesday its chief executive officer would exit as part of a revamp of its leadership, and that it would slash about 400 corporate positions.
Camp Hill, Pennsylvania-based Rite Aid said the layoffs will affect more than 20 percent of corporate positions located at the company’s headquarters and across field operations.
The company expects annual savings of about $55 million from the restructuring, of which about $42 million will be realized within fiscal year 2020.
It also expects to incur a one-time charge of about $38 million related to the restructuring.
John Standley, CEO since 2010, will remain in the post until the appointment of his successor, the company said.
It also said Chief Financial Officer Darren Karst and Chief Operating Officer