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Rite Aid Corp., faced with investor pressure over a disappointing performance, announced Tuesday its intention to replace three of its executives, including CEO John Standley.
The redesign of management is part of a restructuring that removes 400 corporate jobs, more than a fifth of the total. Rite Aid's announcement came a few months after shareholders rejected the company's executive compensation program and the eventual merger of the Albertsons Cos food chain.
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