Projo Biz Blog

Rite Aid Corp., the company that bought Rhode Island's Brooks-Eckerd drugstore chain in 2006, upended its leadership with three executives leaving the Pennsylvania-based company and a former company president returning.

The moves come two weeks after trading in Rite Aid stock (RAD:NYSE) was halted on the New York Stock Exchange. The NYSE automatically issues a "Subpenny" trading halt when a stock falls below $1.05. On Sept. 10, Rite Aid shares lost 10 cents, falling to $1. The shares continue to trade in electronic markets.

Yesterday, Rite Aid announced the immediate return of John Standley as president and chief operating officer. He replaced Robert Easley, who was chief operating officer. Also starting at the company is Frank Vitrano, who previously worked with Standley at Pathmark Stores Inc. Vitrano takes on the roles of chief financial officer and chief administrative officer. He replaces Kevin Twomey and Pierre Legault.

Standly was Rite Aid's president, chief financial officer and chief administrative officer from 1999 to 2005.

The company made the announcement as it posted a larger-than-expected loss in its fiscal second quarter and cut its full-year outlook.

---