Rite Aid Corporation Names Matt Schroeder as Chief Executive Officer

PHILADELPHIA--(BUSINESS WIRE)-- Rite Aid Corporation ("Rite Aid" or the "Company") today announced that Matt Schroeder has been appointed Chief Executive Officer after the Company's emergence from Chapter 11. Mr. Schroeder joined Rite Aid in 2000 and most recently served as the Company's Chief Financial Officer. He succeeds Jeffrey S. Stein, who has stepped down as Chief Executive Officer and Chief Restructuring Officer in connection with the Company's emergence from Chapter 11.

"Matt has served in various leadership positions during his tenure at Rite Aid and has a deep understanding of all aspects of our business," said Bruce Bodaken, Chair of Rite Aid's Board of Directors during its Chapter 11 process. "He has shown outstanding leadership through this process and is an excellent fit for the Company as it advances as a stronger organization."

"I am honored to lead Rite Aid on its journey as we continue serving our customers and communities," said Mr. Schroeder. "Thanks to the dedication of the entire organization, we are beginning our next phase as a transformed company. I see Rite Aid's remarkable potential, and I look forward to working with the team as we remain committed to our purpose of helping our customers achieve whole health for life."

"It has been a privilege to serve as CEO and CRO of Rite Aid alongside the best team in the business," said Mr. Stein. "I am proud of what we accomplished in strengthening the Company's foundation and believe Rite Aid is well-positioned for future success. I look forward to supporting Matt as he transitions into the CEO role."

Mr. Bodaken added, "I thank Jeff for his dedication and commitment to guiding the Company through the complex restructuring process. I know Rite Aid is well-positioned for the future because of his expertise, vision and hard work over these past 11 months."

About Matt Schroeder

Matt Schroeder joined Rite Aid in 2000 as Vice President of Financial Accounting. He has held roles of increasing responsibility at the Company since then, most recently serving as Executive Vice President and Chief Financial Officer since March 2019. In that role, he was responsible for managing the Company's financial verticals, including financial planning & analysis, financial reporting, treasury and accounting, and led Rite Aid's store development and procurement functions.

Before joining Rite Aid, Mr. Schroeder worked at Arthur Andersen LLP, where he was an Audit Manager. He holds a bachelor's degree in accounting from Indiana University of Pennsylvania and serves on the board of Whitaker Center for Science and Arts, a not-for profit serving the greater Harrisburg Pennsylvania region.

About Rite Aid

Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. For more information, please visit www.riteaid.com .

Source: Rite Aid Corporation

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