RAD - Rite Aid technology chief to leave

2023-08-01 03:39:51 ET

Rite Aid ( NYSE: RAD ) EVP and chief digital and technology officer, Justin Mennen, ceased to be employed by the company, effective immediately.

The company entered into a separation agreement and release with Mr. Mennen, pursuant to which Mr. Mennen waived his rights to severance benefits. The company also agreed to pay Mr. Mennen $900K in a lump sum in consideration for the waiver and general release of claims.

Mr. Mennen retained his right to a retention payment of $750K pursuant to the letter agreement between the company and Mr. Mennen dated April 28, 2023.

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