In a sudden revelation, Heyward Donigan is departing Rite Aid where she was president, CEO and a board member, the company announced, adding that it has appointed Elizabeth “Busy” Burr interim CEO effective immediately.
Burr is a Rite Aid board member, and most recently served as Carrot Inc. president and chief commercial officer, leading a team focused on bringing the company’s digital health solutions to market. She also has held leadership positions at health insurer Humana, where she was chief innovation officer and vp of Healthcare Trend and Innovation, Citigroup, eBay, Credit Suisse and Gap, according to Rite Aid.
In announcing the leadership change, Bruce Bodaken, Rite Aid chairman, said, “As the company continues its efforts to enhance its competitive position in this dynamic environment, the board determined and Heyward agreed that now is the right time to identify the next leader of the business. With a deep understanding of the industry and our strategy, the board was unanimous in its belief that Busy is highly qualified to serve as interim CEO while the board conducts a search for a permanent successor. 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.”
Burr added, “Having served as a director since 2019, I have great respect for the important role Rite Aid plays as a full-service pharmacy improving health outcomes for millions of Americans. I will work with the board and management team to realize our vast potential while supporting our thousands of pharmacists and team members who are focused every day on meeting the needs of our communities and customers. With Rite Aid’s well-established brand and its committed and talented team, I look forward to delivering on our business strategy and driving value for all our stakeholders.”
As it announced the executive change, Rite Aid reaffirmed its fiscal year 2023 guidance for total revenues between $23.7 billion and $24 billion, net loss between $584 million and $551 million, adjusted EBITDA between $410 million and $440 million and capital expenditures of $225 million. The company noted that it expects to generate positive free cash flow in Fiscal 2023 and will provide additional detail on its financials and operational progress when it reports its fourth quarter and fiscal year 2023 results.
