– USA, PA – Rite Aid Corporation (NYSE: RAD) today announced the appointment of Jeff Stein to its Board of Directors as CEO and Chief Restructuring Officer effective immediately, succeeding Elizabeth Burr who has served as Interim CEO and will continue to serve on the Board.
Concurrently, the company has also appointed Carrie Teffner and Paul Keglevic to its Board of Directors, effective immediately:
About Jeffrey S. Stein
Jeff 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.
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 bondholders as we better position Rite Aid to deliver on our purpose of bringing people whole health for life.”
Mr. Stein is the Founder and Managing Partner of Stein Advisors LLC, a financial advisory firm that provides consulting services to public and private companies experiencing significant challenges, including financial and operational restructuring, complex contract renegotiation and litigation, and increased regulatory oversight. He has served as an Executive Chairman, CEO, and Chief Restructuring Officer and as a director on board committees including audit, compensation, corporate governance, finance, restructuring, and risk management. Mr. Stein previously served as CEO and Chief Restructuring Officer of GWG Holdings, Inc. and as Chief Restructuring Officer of Liberty Steel Group Holdings Pte. Ltd., Whiting Petroleum Corporation, Philadelphia Energy Solutions, LLC, and Westmoreland Coal Company.
Before founding Stein Advisors LLC in 2010, Mr. Stein was a Co-Founder and Principal of Durham Asset Management LLC, a global event-driven distressed debt and special situations equity asset management firm. From 2003 through 2009, Mr. Stein served as Co-Director of Research at Durham responsible for the identification, evaluation, and management of investments for the various Durham portfolios.
From 1997 to 2002, Mr. Stein served as Co-Director of Research at The Delaware Bay Company, Inc., a boutique research and investment banking firm focused on distressed debt and special situations equity asset classes. Earlier in his career, he was an Associate and then an Assistant VP in the Capital Preservation & Restructuring Group at Shearson Lehman Brothers.
Mr. Stein received a B.A. in Economics from Brandeis University and an MBA in Finance and Accounting from New York University. Mr. Stein is a Certified Turnaround Professional as designated by the Turnaround Management Association.
About Carrie Teffner
Ms. Carrie Teffner has over 30 years of strategic, financial, and operational leadership experience assisting retail and consumer product companies in driving growth and profitability. She has deep expertise in leading successful large-scale transformation initiatives and has served as EVP and CFO at several Fortune 500 companies. Ms. Teffner currently serves on the boards of DXC Technology, International Data Group, and BFA Industries. She previously served on the boards of Ascena Retail Group, Avaya, and GameStop.
About Paul Keglevic
Paul Keglevic is an NACD-certified director with over 45 years of leadership experience and deep expertise in finance and accounting, operational improvement and turnarounds, restructuring, and risk management across a range of industries. He has served as CEO, CFO, Chief Restructuring Officer, and CRO at numerous companies, most recently as CEO of Energy Future Holdings. Earlier in his career, Mr. Keglevic was a Partner and member of the U.S. leadership team at PricewaterhouseCoopers. He currently serves on the boards of WeWork, Evergy, and Envision Healthcare. Mr. Keglevic previously served on the boards of Ascena Retail Group, Bonanza Creek Energy, Clear Channel Holdings, Cobalt International Energy, and Frontier Communications, among others.
About Rite Aid
Rite Aid is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs, and Health Dialog. Elixir, Rite Aid’s pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs, and an industry-leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states.
SOURCE: https://www.riteaid.com/
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