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Rite Aid Names Heyward Donigan CEO - Quick Facts

Rite Aid Corp. (RAD) said Monday its board of directors has appointed Heyward Donigan as chief executive officer and a member of the Board, with immediate effect. John Standley will step down from his role as chief executive officer as planned.

Donigan has 30 years of experience in all aspects of the healthcare industry. She served as the president and CEO of Sapphire Digital, formerly Vitals, a developer of omnichannel platforms that help consumers choose their best fit healthcare providers.

Prior to Sapphire Digital, Donigan was president and CEO of ValueOptions, an independent behavioral health improvement company. Previously, Donigan served as executive vice president & chief marketing officer at Premera Blue Cross.

Rite Aid said that in accordance with New York Stock Exchange Rules, Donigan will be granted an employment inducement award. This will consist of a restricted stock award with a grant date fair value equal to $2,000,000, and non-qualified stock options with a grant date fair value equal to $2,000,000.

The restricted stock award will vest in equal annual installments on each of the three successive anniversaries of Donigan's commencement date, while the non-qualified stock options will vest and become exercisable in equal installments on each of the four successive anniversaries of her commencement dates.

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