Ceremony Assist has chosen long-time firm government Matt Schroeder as the corporate’s new chief … [+]
Ceremony Assist has chosen long-time firm government Matt Schroeder as the pharmacy chain’s new CEO on the identical day the retail pharmacy operator emerged from federal chapter safety.
Ceremony Assist, which has eradicated $2 billion in debt and said it has “received roughly $2.5 billion in exit financing to help the enterprise going ahead,” will function in 16 states after shedding greater than 500 shops through the chapter proceedings.
The pharmacy chain, which had been shedding cash for a number of years, filed for Chapter 11 chapter safety in October of final yr. At the moment, the corporate operated greater than 2,200 drugstores throughout 17 states.
Immediately, Ceremony Assist emerges from chapter as a privately held firm owned by collectors, working “greater than 1,700 retail pharmacy areas throughout 16 states with a workforce of greater than 45,000 sturdy,” in keeping with the corporate’s web site.
Ceremony Assist not has drugstores in Michigan and solely 4 left in Ohio—two states the place the corporate as soon as operated dozens of areas—however stays a powerful presence in its different states, the corporate has mentioned. “Possession of the Firm transitioned to sure Ceremony Assist collectors, and all of Ceremony Assist’s present frequent shares have been cancelled, pursuant to the Plan of Reorganization,” the corporate mentioned in its press launch.
Schroeder, who’s 54 years outdated, succeeds Jeffrey S. Stein, “who has stepped down as Chief government officer and Chief Restructuring Officer in reference to the Firm’s emergence from Chapter 11,” the company announced Tuesday.
“Matt has served in numerous management positions throughout his tenure at Ceremony Assist and has a deep understanding of all points of our enterprise,” Ceremony Assist board chairman Bruce Bodaken mentioned. “He has proven excellent management by way of this course of and is a wonderful match for the Firm because it advances as a stronger group.”
Schroeder joined Ceremony Assist in 2000 as vp of economic accounting and rose by way of the corporate’s ranks, holding numerous roles whereas “growing duty on the Firm since then, most not too long ago serving as Government Vice President and Chief Monetary Officer since March 2019,” the corporate mentioned. “In that function, he was liable for managing the Firm’s monetary verticals, together with monetary planning & evaluation, monetary reporting, treasury and accounting, and led Ceremony Assist’s retailer improvement and procurement capabilities.”
Ceremony Assist CEO Matt Schroeder
“Due to the dedication of the whole group, we’re starting our subsequent part as a reworked firm,” Schroeder mentioned in an announcement. “I see Ceremony Assist’s exceptional potential, and I sit up for working with the staff as we stay dedicated to our goal of serving to our clients obtain complete well being for all times.”
