Rite Aid Corporation Appoints Jeffrey S. Stein Chief Executive Officer

Rite Aid Corporation (NYSE: RAD) (“Rite Aid” or the “Company”) today announced that its Board of Directors has appointed Jeffrey S. Stein as Chief Executive Officer (CEO), Chief Restructuring Officer (CRO) and a member of the Board of Directors, effective immediately. Mr. Stein succeeds Elizabeth (“Busy”) Burr, who has served as Interim CEO of Rite Aid since January 2023. Ms. Burr will continue to serve on the Company’s Board.

Mr. Stein brings more than three decades of experience as a leader and executive director at both public and private companies. Mr. Stein has particular expertise in supporting companies that are driving meaningful business transformations and undergoing financial restructurings. This includes developing and enhancing corporate growth and turnaround strategies, evaluating financing alternatives, analyzing capital investment programs, managing complex litigation matters and assessing asset acquisition and disposition opportunities. As announced in a separate press release today, Rite Aid has initiated a voluntary court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. The Company is continuing to operate in the ordinary course.

Bruce Bodaken, Rite Aid Chairman, stated, “After a thorough and thoughtful search process, the Board unanimously agreed that Jeff is the right executive to lead Rite Aid through its transformation. Jeff is a proven leader with a strong track record of guiding companies through financial restructurings. We look forward to benefitting from his contributions and leveraging his expertise as we strengthen Rite Aid’s foundation and position the business for long-term success.”

Mr. Stein said, “As CEO, CRO, and a member of the Board of Directors, my priorities will include overseeing the actions now underway to strengthen the Company’s financial position and further advance its journey to reach its full potential as a modern neighborhood pharmacy. I have tremendous confidence in this business and the turnaround strategy that has been developed in recent months. I look forward to working closely with the Board, management team, and our lenders and bond holders as we better position Rite Aid to deliver on our purpose of bringing people whole health for life.”