Rite Aid adds former health insurer CEO to board

CAMP HILL, Pa. (AP) -- Drugstore chain Rite Aid Corp.'s board of directors has elected former Blue Shield of California Chairman and CEO Bruce G. Bodaken to its board of directors.

Bodaken, 61, served as Blue Shield's chairman and CEO from 2000 to 2012. The San Francisco-based nonprofit company is one of California's largest insurers with about 3 million members.

Rite Aid spokeswoman Ashley Flower said Bodaken's addition brings the board to 10 members and is not tied to the April resignation of Michael Coutu. Rite Aid announced the addition in a Securities and Exchange Commission filing late last week.

Camp Hill, Pa.-based Rite Aid is the nation's third largest drugstore chain with more than 4,600 locations. It trails Walgreen Co. and CVS Caremark Corp.

Shares of Rite Aid hit their highest price in more than five years Monday before retreating a bit in afternoon trading. The stock was up 5 percent, or 15 cents, to $2.94 in afternoon trading after peaking at $3.04 earlier.