Lance Neill Joins Elixir as New Chief Operating Officer

Rhea-AI Summary

Elixir, a subsidiary of Rite Aid (NYSE: RAD), has appointed Lance Neill as its new Chief Operating Officer. Neill brings extensive experience from his previous roles, including Vice President of Network Development at Centene, managing a $32 billion pharmacy spend. He will oversee core operations and strategic development at Elixir. CEO Heyward Donigan emphasized Elixir's importance in Rite Aid's growth strategy, highlighting Neill's qualifications to enhance operational excellence and strategic priorities.

Positive

• Appointment of Lance Neill as COO enhances leadership with extensive industry experience.
• Neill's background includes managing a significant pharmacy spend of $32 billion.
• Elixir is positioned as a critical component of Rite Aid's growth strategy, suggesting potential for increased market leadership.

Negative

• None.

CAMP HILL, Pa.--(BUSINESS WIRE)-- Elixir, a wholly owned subsidiary of Rite Aid (NYSE: RAD) that provides pharmacy benefits and services, today announced that veteran healthcare and pharmacy executive Lance Neill has joined the company as chief operating officer. Neill was most recently vice president of network development and contracting for Centene’s portfolio of managed care products, representing $32 billion in annual pharmacy spend. Prior to that, he served in multiple senior leadership roles with major healthcare brands including Diplomat Pharmacy and Walmart Stores, Inc.

Lance brings substantial experience in pharmacy network development and contracting, specialty pharmacy, finance, analytics and operational oversight. At Elixir, he will oversee the core operational functions, including Elixir Insurance. He will also be responsible for Elixir’s strategy development, ensuring that the company remains positioned for continued innovation and growth.

“Elixir’s opportunities have never been more compelling,” said Neill. "It is clear that regional health plans and mid-market employers are looking for a more surefooted approach to managing pharmacy spend and driving better health outcomes. And it is clear that as part of the Rite Aid enterprise, Elixir offers significant differentiation in target markets. I am excited to join a purpose-driven company, that is committed to helping people achieve whole health for life."

“Elixir is a critical component of Rite Aid’s growth strategy, and we are doubling-down on our investment to position the company as a market leader. Lance is a seasoned and trusted industry executive who consistently delivers results,” said Heyward Donigan, president and chief executive officer, Rite Aid. “He is uniquely qualified to drive strategic prioritization and accountability within Elixir, with a laser focus on operational excellence. In the months to come, I will work closely with Lance and the rest of the Elixir executive team to continue our march forward."

About Rite Aid Corporation

Rite Aid Corporation is on the front lines of delivering healthcare services and retail products to Americans 365 days a year. Our pharmacists are uniquely positioned to engage with customers and improve their health outcomes. We provide an array of whole being health products and services for the entire family through over 2,500 retail pharmacy locations across 17 states. Through Elixir, we provide pharmacy benefits and services to millions of members nationwide. For more information, www.riteaid.com.

About Elixir

Elixir, a fully owned subsidiary of Rite Aid Corporation, is a pharmacy services provider offering pharmacy benefit management, Medicare-approved prescription drug plans, mail and specialty pharmacy solutions, and prescription discount programs. With the unique ability to optimize the full pharmacy care experience, Elixir is crafting solutions for today’s pharmacy benefits challenges and helping people achieve whole health for life. For more information, visit www.elixirsolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210907005700/en/

MEDIA:

Vicki Soares

702-203-0002

vsoares@elixirsolutions.com

Source: Elixir

FAQ

Who is the new COO of Elixir?

Lance Neill has been appointed as the new Chief Operating Officer of Elixir.

What is Lance Neill's experience before joining Elixir?

Lance Neill was previously the Vice President of Network Development and Contracting for Centene.

How does Elixir contribute to Rite Aid's growth strategy?

Elixir is seen as a critical component of Rite Aid's growth strategy, focusing on pharmacy benefits and services.

What might Lance Neill's role involve at Elixir?

Neill will oversee Elixir's core operations and strategic development.

What is the significance of Neill's appointment for Rite Aid stock?

Neill's leadership may enhance operational excellence, potentially impacting Rite Aid's market performance positively.