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PHILADELPHIA — Matt Schroeder has hit the ground running as he settles into his new role as chief executive officer of Rite Aid, a post he assumed at the beginning of the month after the drug chain finalized its financial realignment.
“Our emergence from Chapter 11 represents a new beginning for Rite Aid,” says Schroeder, who joined the company in 2000 as vice president of accounting and was named executive vice president and chief financial officer in 2019. “We have emerged a stronger, healthier company with a more efficient operating model, and we look forward to continuing to serve our customers by delivering a superior pharmacy experience and getting back in stock with the products that our customers want.”
The new Rite Aid was forged in a restructuring process that involved rightsizing the store base, developing a more efficient operating model and refinancing the business. As a result, the company eliminated some $2 billion in debt and received approximately $2.5 billion in exit financing. Going forward, the drug chain will operate as a private company controlled by creditors.
“We could not have accomplished this without the unwavering support of our customers, associates and business partners,” adds Schroeder, who as CFO was responsible for managing Rite Aid’s financial planning and analysis, financial reporting, treasury and accounting, store development, and procurement functions.
Schroeder indicates that Rite Aid will build on the retailer’s iconic brand and standing as a trusted health care provider.
“We have exceptional people at Rite Aid, and nowhere is this more evident than in the relationships that our pharmacists and store associates have with our customers,” he says. “Our associates’ commitment to our company is evident in the work they do every day, and I couldn’t be more grateful.
“I’ve been struck by the number of friends and family who have told me about how important Rite Aid is to their communities. We have an important role to play, and I’m more committed than ever to the long-term health of our company.”
