Rite Aid Loses Compensation Vote on ‘Pay-For-Failure’ Bonuses
- Firm criticized for retention awards paid after failed deal
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Rite Aid Corp. shareholders rejected the firm’s executive-compensation program amid criticism that the pharmacy chain paid special awards tied to mergers that didn’t work out.
About 84 percent of shares cast at Rite Aid’s annual meeting Tuesday denounced the pay program, according to Michael Pryce-Jones, senior governance analyst at the International Brotherhood of Teamsters, which criticized the board’s compensation decisions. The resolution was non-binding.