Rite Aid Corp. said it will part ways with its top managers and shed about 400 jobs, cutting about $55 million in costs as the drugstore chain tries to turn itself around.

CEO John Standley, COO Kermit Crawford, and CFO Darren Karst will all step down, Rite Aid said in a statement Tuesday.

“It is imperative we take action to reduce the cost of current operations and become a more efficient and profitable company,” Bruce Bodaken, chairman of the company's board of directors, said in a statement. “The board believes that now is the right time to undertake a leadership transition.”

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