Rite Aid appoints Jeffrey Stein as CEO

Rite Aid has appointed Jeffrey Stein as CEO, chief restructuring officer, or CRO, and a member of the board of directors, effective immediately. Stein succeeds Elizabeth Burr, who has served as interim CEO of Rite Aid since January. Burr will continue to serve on the company’s board. Stein brings more than three decades of experience as a leader and executive director at both public and private companies. Stein has particular expertise in turnaround strategies, evaluating financing alternatives, analyzing capital investment programs, managing litigation matters and assessing asset acquisition and disposition opportunities. As announced in a separate press release today, Rite Aid has initiated a voluntary court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. The company is continuing to operate in the ordinary course. In addition to Stein, Rite Aid has appointed Carrie Teffner and Paul Keglevic to its board of directors, also effective immediately.