Rite Aid Appoints Heyward Donigan as Chief Executive Officer
August 12 2019 - 7:00AM
Business Wire
Rite Aid Corporation (NYSE: RAD) announced today that the Board
of Directors has appointed Heyward Donigan as chief executive
officer and a member of the Board, effective immediately. As
planned, John Standley will step down from his role as chief
executive officer in connection with this announcement.
“Today's announcement is an important step in positioning Rite
Aid for the future, and we are confident that Heyward is the right
person to lead the company in capitalizing on the opportunities in
the evolving healthcare environment,” said Bruce Bodaken, chairman
of Rite Aid's Board of Directors. “Over the past several months the
Rite Aid Board conducted a thorough search, and Heyward’s strong
senior executive experience, proven leadership capabilities and
consistent track record of driving profitable growth, as well as
her broad healthcare knowledge and digital shopping technology
expertise set her apart. Her skillset will be invaluable as we work
to deliver on the full potential of our business and create
additional long-term value for our shareholders, associates,
customers and patients.”
“I am deeply honored to have been selected to lead a company
with such a strong brand, deep culture and dedicated team of
associates. I see tremendous opportunity to revitalize the
company’s position as a leader in meeting the health and wellness
needs of customers and patients through our store and pharmacy
benefit management platforms. I look forward to working with the
talented Rite Aid team, as we continue to support the needs of our
customers and patients and drive growth, improved performance and
shareholder value,” said Donigan.
Bodaken continued, “On behalf of the Board, I want to thank John
for his numerous achievements in helping to reshape Rite Aid in the
face of an evolving environment during his tenure. In particular, I
want to thank him for his leadership in guiding the Company through
some incredibly challenging times. His commitment to facilitating a
smooth transition for Rite Aid is greatly appreciated, and we wish
him the best in his future endeavors.”
“I’d like to thank our talented Rite Aid team for their
dedication and support in taking great care of our customers and
patients throughout my tenure,” said Standley. “I have tremendous
confidence in this team and I’m excited about the future prospects
of this company.”
Heyward Donigan Biography Heyward Donigan is a recognized
leader with 30 years of experience in all aspects of the healthcare
industry. She has a passion for building and developing strong
teams to deliver innovative offerings in the market.
Most recently, Donigan served as the president and chief
executive officer of Sapphire Digital (formerly Vitals), which
designs and develops omnichannel platforms that help consumers
choose their best fit healthcare providers. Since 2015, Donigan
lead Sapphire Digital’s strategy and operations to record growth
and consumer engagement. Prior to Sapphire Digital, Donigan was
president and chief executive officer of ValueOptions, then the
nation’s largest independent behavioral health improvement company,
where she drove innovation through disciplined execution and grew
company revenues to over $1 billion. Previously, Donigan served as
executive vice president & chief marketing officer at Premera
Blue Cross, where she was responsible for driving profitable growth
across the individual, small group, mid-market and national account
businesses, and helped the company achieve record growth and
profits. Earlier in her career, Donigan served as senior vice
president of all operations at Cigna Healthcare. She also held
executive roles at General Electric, Empire BCBS and U.S.
Healthcare, and previously served on the Board of Directors at
several public companies, including Kindred Healthcare.
Donigan holds a Master of Public Administration from New York
University. She graduated with a Bachelor of Arts in English from
the University of Virginia.
Inducement Award In accordance with New York Stock
Exchange Rules, on August 12, 2019, Rite Aid is announcing that Ms.
Donigan will be granted an employment inducement award, consisting
of a restricted stock award with a grant date fair value equal to
$2,000,000 (which will vest in equal annual installments on each of
the three successive anniversaries of her commencement date) and
nonqualified stock options with a grant date fair value equal to
$2,000,000 (which will vest and become exercisable in equal
installments on each of the four successive anniversaries of her
commencement date). These awards were approved by Rite Aid’s
Compensation Committee of the Board of Directors effective as of
August 12, 2019, as “employment inducement awards” under the NYSE
Listed Company Manual Rule 303A.08.
About Rite Aid Corporation Rite Aid Corporation, which
generated fiscal 2019 annual revenue of $21.6 billion, is one of
the nation's leading drugstore chains with 2,466 stores in 18
states and pharmacy benefit management (PBM) capabilities through
EnvisionRxOptions and its affiliates. At Rite Aid we have a
personal interest in our patient's health and wellness and deliver
the products and services they need to lead healthier lives.
Information about Rite Aid, including corporate background and
press releases, is available through the company's website at
www.riteaid.com.
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