C-Suite Transitions- Rite Aid CEO Departs Abruptly

Welcome to edition 23 of  C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

1. Stitch Fix (SFIX): Elizabeth Spaulding steps down as Chief Executive Officer effective January 5, 2023.
2. KemPharm (KMPH): On January 6, 2023, Travis C. Mickle resigned from his role as Chief Executive Officer, effective immediately
3. Rite Aid Corp. (RAD): On January 7, 2023, Heyward Donigan, President and Chief Executive Officer stepped down effective immediately.

Rite Aid CEO Heyward Donigan’s Abrupt Departure

Rite Aid is a name that is very familiar to arbitrageurs because of its history of failed mergers. We discuss that history, potential rumors and the risk of bankruptcy later in this article.

Rite Aid Corporation (RAD) is an American drugstore chain based in Philadelphia, Pennsylvania that operates through two segments – Retail Pharmacy and Pharmacy Services. The company has 2,300 retail pharmacy locations across 17 states and also owns Elixir, the pharmacy benefits manager and service provider.

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