Rite Aid announces Heyward Donigan exit, appointment of interim CEO

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Rite Aid experienced a leadership shakeup as the pharmacy chain on Monday announced CEO Heyward Donigan’s exit and the appointment of an interim chief executive.

In a press release, the company revealed it had picked Elizabeth "Busy" Burr to replace Donigan on an interim basis, with her tenure starting effective immediately. Rite Aid has started looking for someone to take over as CEO permanently, hiring a "leading executive search firm" as part of those efforts, it also said.

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Burr, a Rite Aid board member since 2019, previously held the title of chief commercial officer for about two years at digital health care company Carrot Inc. In the past, she has served in positions at Humana, Citi Ventures and Credit Suisse First Boston, among others, according to Rite Aid.

A person walks into a Rite Aid store on December 22, 2021 in Los Angeles, California.  ( Mario Tama/Getty Images / Getty Images)

"We are fortunate to have someone of her caliber to step into the role and are confident in Busy’s ability to lead the Company forward during this transition period," Rite Aid Chairman Bruce Bodaken said in a statement. 

Bodaken also expressed gratitude toward Donigan "particularly for her efforts in helping to lead Rite Aid throughout the Covid-19 pandemic." She became the head of the pharmacy chain in August 2019.

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"It has been a privilege to lead Rite Aid and its exceptional team," Donigan said. "I am proud of all that we have achieved together, and I believe that the Company is well positioned for the future."

A person walks outside of Rite Aid pharmacy on May 27, 2021 in New York City. (Noam Galai/Getty Images / Getty Images)

This Friday, Oct. 21, 2016, file photo, shows a Rite Aid location in Philadelphia. (AP Photo/Matt Rourke, File / AP Newsroom)

In the same release, the company offered a reaffirmation of its guidance for fiscal 2023. For revenues, it forecasted a range of $23.7-24 billion, while its estimate for net loss was projected to be $584-551 million. 

In December, Rite Aid said it generated $6.08 billion in third-quarter revenues, a decrease of 2.3% from the roughly $6.23 billion it reported in the same period the prior year. Its net loss grew, coming in at $67.14 million.

TickerSecurityLastChangeChange %
RADRITE AID CORP.3.48+0.03+0.87%

The pharmacy chain’s stock price saw a nearly 0.9% increase on Monday. Meanwhile, it is down over 72% over the past year.

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