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Rite Aid picks former insurance executive

as new CEO

Rite Aid has chosen a former insurance executive to replace longtime CEO John Standley to try to right the struggling drugstore chain.

The company said Monday that Heyward Donigan will take over immediately for Standley, who’s been CEO since 2010.

The 58-year-old Donigan is a former executive with Premera Blue Cross. She most recently served as CEO of Sapphire Digital, which runs a technology platform that helps people shop for care.

Donigan takes over a company that runs nearly 2,500 drugstores and lost $99.7 million in its first quarter. Rite Aid’s board approved a reverse stock split this year to lift plummeting share prices and keep them on the New York Stock Exchange.

BlackRock takes huge stake in parent of Sports Illustrated

NEW YORK | BlackRock is taking a sizable stake in the parent of Sports Illustrated and the retail chains Nine West and Aeropostale, becoming the company’s largest shareholder.

Financial terms were not disclosed. The Wall Street Journal, which first reported the deal Sunday, cited anonymous sources who put the investment at $875 million, valuing the entertainment and marketing company at $4 billion, including debt.

Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue.

Other investors in the New York company include founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group, Brookfield Properties’ retail group and Shaquille O’Neal.

Saudi Aramco readies for IPO with deal with India’s Reliance

NEW DELHI | Oil giant Saudi Aramco is set to buy 20% of Indian conglomerate Reliance Industries’ oil and chemicals business for about $15 billion, in a deal that gives it further heft and diversity ahead of a long-awaited IPO.

For India, the preliminary agreement amounts to one of the country’s largest foreign direct investments.

Reliance Chairman Mukesh Ambani on Monday told an annual meeting of shareholders that Aramco will also supply Reliance’s Jamnagar refineries with 700,000 barrels of oil a day on a long-term basis. The refining complex has a capacity to process 1.4 million barrels per day.

The deal includes refining and petrochemicals, helping to diversify the business operations of Aramco, which has been traditionally focused on pumping oil out of the Middle East.

— From AP reports