Rite Aid on Monday announced that Heyward Donigan is out as the company’s president, CEO and member of its board. 

Effective immediately, Elizabeth Burr has been named interim CEO. 

“As the Company continues its efforts to enhance its competitive position in this dynamic environment, the Board determined and Heyward agreed that now is the right time to identify the next leader of the business,” Rite Aid Chairman Bruce Bodaken said in a statement. 

Donigan has been CEO of Rite Aid since 2019. 

The company has initiated a search to identify a permanent CEO and has retained an executive search firm, per a company press release. 

Burr was previously the president and chief commercial officer at Carrot Inc., where she led a team focused on bringing the company’s digital health solutions to market. Burr served as vice president, head of health ventures and chief innovation officer at Humana. She also worked as managing director of Citi Ventures and global head of business incubation of Citygroup. Burr was entrepreneur-in-residence at eBay and had leadership roles at Credit Suisse Group AG and Gap Inc., where she was the vice president of global brand management. 

Rite Aid also reaffirmed its fiscal year 2023 guidance, for total revenues between $23.7 billion and $24 billion. 

Rite Aid has struggled in recent years, and was recently identified by analysts as a retailer at risk for bankruptcy. 

In its most recent quarter, Rite Aid reported net revenue of $6.1 billion, down from $6.3 billion year over year.  The company’s retail pharmacy segment revenue for the quarter was $4.4 billion — over $20 million lower than last year’s third quarter — driven by a decrease in COVID-related revenue and store closures. The company’s net debt balance was approximately $3.1 billion at the end of the quarter.