Magazine article Drug Topics

It's Miller Time as Rite Aid Reorganizes Management Team

Magazine article Drug Topics

It's Miller Time as Rite Aid Reorganizes Management Team

Article excerpt

A new era is under way at Rite Aid Corp., with the hiring of a new team of executives experienced in managing a large, geographically diverse retail company. Whether they can turn the troubled chain around remains to be seen.

One of the first things new chairman and CEO Robert Miller made clear is that Rite Aid will not be selling off as many of the company's West Coast stores as the previous management team had planned. Instead, the firm will count them among the assets Miller hopes will help Rite Aid recover from the financial battering it has taken over the past year or so. However, the company is still seeking a buyer for PCS Health Systems, its pharmacy benefit management subsidiary.

Wall Street certainly liked the idea of bringing in Miller. After seeing stock prices fall by more than 80% over the past year, the average share price jumped more than 40% after the appointment was announced.

Miller most recently served as vice chairman and COO of The Kroger Co., which operates approximately 2,200 stores in 31 states. He spent 30 years at Albertson's Inc., a food and drug chain with nearly 2,500 stores in 38 states. …

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