Former Rite Aid CEO named Walgreens president
Walgreens Boots Alliance Monday tapped former Rite Aid CEO John Standley to be president of the Deerfield-based Walgreens drugstore chain. Standley, 56, will lead all Walgreens operations and will have responsibility for the development, growth and management of the business as the company continues to build on its leadership in the rapidly evolving health care sector, the company said in a release. He will report to Alex Gourlay, Walgreens Boots co-chief operating officer, who has been acting president.
He replaces Richard Ashworth, a Walgreens veteran who in May left the president's job after three months to become the head of Tennessee-based health and fitness company Tivity Health.
Standley was president, CEO and chairman of Rite Aid Corp. for nine years. He left the company in 2019 when the company announced it was eliminating 400 managerial positions as part of a reorganization plan. Prior to Rite Aid, he was the CEO of Pathmark Stores Inc., and has held leadership roles in several other grocery and retail companies.
Standley is also a former chair of the National Association of Chain Drug Stores.
Walgreens Boots CEO Stefano Pessina said Standley's leadership and health care background "will allow him to hit the ground running, drive our transformation and fulfill our purpose to help people lead healthier and happier lives across America."
The two drugstore chains share a competitive history, culminating in Walgreens' bid to acquire Rite Aid in 2015 for $17.2 billion. However, federal regulators began looking into possible antitrust issues, and Walgreens abandoned the plan in 2017. Later that year, federal approval was given for Walgreens to acquire roughly 1,900 Rite Aid stores for slightly more than $4 billion.
Walgreens operates more than 9,000 stores in the U.S., Puerto Rico and the Virgin Islands. Parent company Walgreen Boots has more than 18,750 stores in 25 countries that operate under the Walgreens and Boots brands. The company employees more than 440,000 people globally.