Six directors replaced in last 2 years. A good start with six down, and only three more to go to complete the board refill.
Accountability, integrity, and good corporate governance at the top is a board requirement for continued new outside investment in Rite Aid stock.
Undue influence by a few directors in past years led to Rite Aid's financial woes caused by an acquisition in Eckerd and a conflict of interest merger attempt for Albertsons.
A reinstatement of Rite Aid's positive reputation may take time, but I am cautiously optimistic that the end of the Miller, Sammons, Standley dynasty, (all colleagues in the supermarket business) and final replacement of the old-guard directors is the shareholders best prescription for equity improvement.
Ms. Heyward Donigan, its refreshingly new CEO, brings in a new pair of eyes and business judgment. She has acknowledged "execution issues" which is not only encouraging, but 100% true. Welcome Ms. Donigan.
Investing in Rite Aid (NYSE:RAD) beginning in 2000 and routinely visiting those stores locally in the Manhattan area until 2003, nationwide store visitation began soon after I moved to Florida where Rite