Rite Aid Corporation (NYSE:RAD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 2, 2017, Rite Aid Corporation (the “Company”) announced the appointment of Matthew Schroeder as the Senior Vice President, Chief Accounting Officer and Treasurer of the Company, effective as of November 2, 2017. Effective as of the same date, Douglas Donley, the Company’s Senior Vice President and Chief Accounting Officer, retired from the Company.
Mr. Schroeder, age 48, previously served as the Group Vice President of Strategy, Investor Relations and Treasurer of the Company. Mr. Schroeder joined the Company in 2000 as Vice President of Financial Accounting and was appointed to his current role in 2010. Prior to joining the Company, Mr. Schroeder worked for Arthur Andersen, LLP, where he held several positions of increasing responsibility, including audit senior and audit manager. Mr. Schroeder earned his bachelor’s degree in accounting from Indiana University of Pennsylvania. He also currently serves as treasurer of The Rite Aid Foundation.
In connection with his assumption of the responsibilities of Senior Vice President, Chief Accounting Officer and Treasurer of the Company, Mr. Schroeder’s annual base salary will be set at $385,000; he will have the opportunity to earn a target annual performance bonus equal to 50% of his annual base salary, and his target long-term incentive opportunity will be set at 75% of his annual base salary.
About Rite Aid Corporation (NYSE:RAD)
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog. It sells brand and generic prescription drugs, as well as an assortment of front-end products, including health and beauty aids, personal care products, seasonal merchandise, and a private brand product line. Its front-end products include over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise and numerous other everyday and convenience products. The Company’s Pharmacy Services segment consists of EnvisionRx, which provides a range of pharmacy benefit services.