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John Standley, the former longtime CEO of East Pennsboro Township-based Rite Aid, who led the company when it was planning to merge with Walgreens Boots Alliance will now join Walgreens Boots Alliance as its president.
Standley, who was CEO of Rite Aid for nine years will lead all of Walgreens operations.
Back in 2015, Walgreens and Rite Aid announced that the two companies would merge but, the merger was never approved by the Federal Trade Commission. After the merger was halted, Walgreens purchased 1,932 stores, three distribution centers and related inventory for $4.3 billion from Rite Aid in 2017.
Standley was also at the helm when Rite Aid was set to merge with Albertsons Companies, an Idaho grocery company. But both companies agreed to terminate the agreement the night before Rite Aid shareholders were slated to vote on the $24 billion merger with Albertsons back in 2018. Had the merger with Albertsons been completed, Standley was expected to be named the CEO of the combined company following the merger.
Standley left Rite Aid last year and was replaced by current CEO Heyward Donigan.
Prior to Rite Aid, Standley was also the chief executive officer of Pathmark Stores Inc. He was also a former chair of the National Association of Chain Drug Stores. He had also worked for Rite Aid before he worked for Pathmark.
“I’m very excited to join the team and lead the iconic Walgreens brand,” said Standley. “I’m looking forward to accelerating execution of the strategic vision for the future of Walgreens. My top priorities will be meeting and exceeding the needs of our customers, patients, team members and the communities we serve during these challenging times, and ensuring that Walgreens fulfills its full potential as one of America’s most admired and trusted companies.”
Walgreens Boots Alliance has a presence in more than 25 countries, employs more than 440,000 people and has more than 18,750 stores.
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As a seasoned expert in the field of business and corporate strategies, particularly within the pharmaceutical and retail sectors, I bring a wealth of knowledge and hands-on experience to analyze the recent developments involving John Standley, the former CEO of Rite Aid, and his transition to the position of president at Walgreens Boots Alliance. My comprehensive understanding of the intricacies of mergers and acquisitions, leadership transitions, and corporate dynamics allows me to provide valuable insights into the context and implications of this news.
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