Rite Aid Corporation (NYSE: RAD) today announced that Matt Schroeder has been promoted to senior vice president, chief accounting officer and treasurer, effective immediately. He will continue to report to Darren Karst, the company's senior executive vice president, CFO and chief administrative officer.

Schroeder, who is currently group vice president of strategy, investor relations and treasurer, is assuming the chief accounting officer responsibilities from Doug Donley, who is retiring after more than 20 years with the company.

The company also announced that Brian Hoover, who is currently vice president of financial accounting, has been promoted to group vice president and controller, reporting to Schroeder.

"Matt is a highly regarded member of Rite Aid's management team who has deep knowledge of our business and the overall retail healthcare industry," Karst said. "I am confident we will continue to benefit from Matt's expertise and leadership in our efforts going forward. We also wish to thank Doug for his significant contributions to the company throughout his career at Rite Aid and wish him well in his future plans."

Schroeder joined Rite Aid in 2000 as vice president of financial accounting and was promoted to his current role in 2010. Prior to joining the company, Schroeder worked for Arthur Andersen, LLP, where he held several positions of increasing responsibility, including audit senior and audit manager. He earned his bachelor's degree in accounting from Indiana University of Pennsylvania. He also currently serves as treasurer of The Rite Aid Foundation.

Hoover joined Rite Aid in 1995 as a financial analyst and has held various accounting positions of increasing responsibility before being promoted to his current role in 2008. Prior to joining Rite Aid, Hoover worked for KPMG as a staff auditor. He is a graduate of the University of Delaware with a bachelor's degree in accounting.

"Brian has been a tremendous asset to our team and I am confident that his talent and leadership will continue to serve our company well in this new role," Karst added.

Rite Aid Corporation is one of the nation's leading drugstore chains with fiscal 2017 annual revenues of $32.8 billion. Information about Rite Aid, including corporate background and press releases, is available through the company's website at  www.riteaid.com.

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