Rite Aid’s bankruptcy proceedings have been completed.

Rite Aid emerged from bankruptcy with a new CEO, a smaller store footprint, and significantly less debt.

The pharmacy chain named experienced Matt Schroeder as its new CEO. Rite Aid announced the appointment on the same day the company emerged from bankruptcy protection. The reorganization plan was approved by a bankruptcy judge earlier this summer.

Schroeder joined Rite Aid in 2000 as vice president of financial accounting and rose through the company’s leadership ranks, most recently serving as CFO since 2019. Prior to Rite Aid, Schroeder worked at Arthur Andersen LLP, where he served as an audit manager.

As Chairman of the Board, Schroeder succeeds Jeffrey S. Stein, who resigned from his position as CEO and restructuring officer in connection with Rite Aid’s discharge from Chapter 11 bankruptcy proceedings.

“Matt has held various leadership positions during his time at Rite Aid and has a deep understanding of all aspects of our business,” said Bruce Bodaken, Chairman of Rite Aid‘s board during the Chapter 11 proceedings. “He has demonstrated outstanding leadership throughout the process and is an excellent fit as the company moves forward as a stronger organization.”

Through the Chapter 11 process, Rite Aid was able to reduce its total debt of approximately $2.0 billion. The company received approximately $2.5 billion in exit financing to support the business in the future.

In connection with the bankruptcy proceedings, Rite Aid will continue to operate as a private company. Ownership of the company was transferred to certain creditors of Rite Aid and all existing shares of Rite Aid common stock were cancelled under the plan of reorganization.