Rite Aid Corp on Monday named Heyward Donigan as chief executive officer, hoping...
) on Monday named Heyward Donigan as chief executive officer, hoping to use her expertise in managing healthcare companies to stem sales declines at the drugstore chain due to intense competition.
FILE PHOTO: A Rite Aid logo is seen outside one of their stores in New York, April 11, 2013. REUTERS/Shannon Stapleton Brick-and-mortar drug retailers have been hit as Americans are increasingly relying on online retailers such as Amazon.com to buy over-the-counter treatments and as more customers purchase low-cost generic drugs.
Last week, Walgreens Boots Alliance Inc said it plans to close about 200 stores in the United States as part of its cost management program aimed at mitigating the pressure related to generic drug prices.“Today’s announcement is another illustration of the challenges that retail pharmacy is facing as Rite Aid has moved from a CEO with a retail background to one with experience in managed care/providers,” Evercore ISI analyst Ross Muken said.
Donigan, who most recently served as CEO at Sapphire Digital, a website that analyzes health-care plans, will succeed John Standley, who has led the company since 2010.
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