Rite Aid CEO Replaced by Interim Chief Amid Struggle with Sales

Rite Aid Corp.’s Heyward Donigan has stepped down as chief executive officer and will be temporarily replaced by board member Elizabeth Burr, as the company struggles with a slump in sales from its pharmacy retail unit.

Rite Aid has retained an executive search firm to find a permanent CEO, according to a statement Monday. Donigan had helmed Rite Aid for a little more than three years. The shares rose 4.9% at 12:47 p.m. in New York.

The drugstore chain has had challenges maintaining profitability after its front-end business waned during the pandemic, leading it to close 63 stores. ...