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Fortune

Sheryl Estrada

Rite Aid's CFO just got the top job—part of a growing trend of finance chiefs becoming CEO

Rite Aid Matt Schroeder Clem Johnson

(Credit: Courtesy of Rite Aid)

Good morning. The drugstore chain Rite Aid has a new CEO—its finance chief who is a longtime executive at the company.

Rite Aid announced on Tuesday that it has emerged from federal bankruptcy protection and will operate as a private company. The new chief executive Matt Schroeder, CFO since 2019, joined Rite Aid in 2000 as VP of financial accounting. He succeeds Jeffrey S. Stein, who stepped down as CEO and chief restructuring officer in connection with the company’s emergence from Chapter 11.

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