Rite Aid’s chief digital and technology officer has stepped down, marking the second time this year the retailer has had a high-ranking official suddenly leave.
Rite Aid Chief Digital and Technology Officer Justin Mennen, who was also an executive vice president, has entered into a separation agreement with Rite Aid, reports investor news group Seeking Alpha. Mennen waived his rights to severance benefits but will receive a lump sum of $900,000.
In January, Rite Aid announced the departure of President and CEO Heyward Donigan, saying in a statement the two sides agreed it was time to identify a new leader.
At the time, Elizabeth Burr was named interim CEO as the company searched for a permanent replacement.
Rite Aid is experiencing hard times amid poor financial performances, store closings, and a major data breach. The retailer is looking at projected fiscal year losses of $680 million, and since late 2021 has closed 180 locations.
For Q1, Rite Aid reported a net loss of $306.7 million (vs. $110.2 million in losses in Q1 2022), and an adjusted net loss of $40.1 million. Revenues came in at $5.65 billion, which was about $350 million less than Q1 2022.