At this time last year, Rite Aid was hurtling toward a business combination with Albertsons, the latest in a series of deals that might have—but ultimately didn’t—set a new trajectory for the nation’s scuffling No. 3 drug chain. The combination with Albertsons was abruptly dropped amid shareholder revolt: Their passion has since led to changes in the front office and the board, but times remain tough. Rite Aid this spring announced that John Standley, its CEO since 2010 and the would-be boss of the Albertsons-Rite Aid combo, would leave when the board selects a successor as part of an overhaul that would save the company $55 million but also cost 20% of its corporate workforce. What Rite Aid has going for it is the Wellness store format, which some describe as providing the best drugstore shopping experience in the industry, although about 30% of its store base is still awaiting transition, including stores in populous markets such as the Northeast and California. Rite Aid is also looking to benefit from a strong loyalty rewards program and further integration of a suite of healthcare assets to its pharmacies.