In 1962. The company went public in 1 968, and by 1995, Grass's son forced him out as CEO. Amid rapid expansion, numerous acquisitions, and costly innovations, Rite Aid got involved in a financial crisis resulting in a $1. 6 billion restatement, shareholder lawsuits, and ultimately, indictments and convictions of officers of the company. Anon himself eventually pled guilty to misprision, defined as the failure by someone who is not an accessory to prevent or notify the authorities of a felony. (For more on the financial crisis, view William Blacks Powering presentation.
Anon began at his career at a pharmacy that was eventually acquired by Rite Aid, moving from stock boy, to pharmacist, to COO and eventually to interim CEO of Rite Aid. The company had state-of-the-art warehouses and an innovative robotic pharmaceutical system industry leading technology, unique store design, and was very active in acquisitions. "The company was a great company. The employees were great employees. The jobs I had were the greatest Jobs you'd ever want to have," he said. Not that there weren't ethical questions even early in his career.
He confronted management about a possibly illegal 50-cent surcharge on Medicare prescriptions and refused to make questionable payments. Should he have left the company then? He asked. "These things were few and far between, but they did happen. And they did raise eyebrows. " Taken as a whole, they did not reflect well on the company's ethical culture but were minor transgressions, Anon concluded. Ethical laps in business By namely at Rite Aid. It could have been your company, your associations. It could be anyone's. It was a real crisis.
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And I hope it's the kind of crisis that none of you ever get yourself caught up in," he said. "l made some bad decisions, but ultimately, you've got to make could happen to you, it could happen to anybody. "Alex Grass founded Rite Aid, a mom-and-pop health and beauty aids store, in Scranton, Pa. , in 1962. The company went public in 1968, and by 1995, Grass's son forced him out as CEO. Amid rapid crisis, view William Blacks Powering presentation. ) Anon began at his career at a "The company was a great company. The employees were great employees.
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