Sept 3 (Reuters) - U.S. drugstore chain Rite Aid ( RADCQ ) said on

Tuesday it would operate as a private company as it successfully

completed its financial restructuring and emerged from Chapter

11 bankruptcy.

Ownership of the company has transitioned to certain

Rite Aid ( RADCQ ) creditors, and all of Rite Aid's ( RADCQ ) existing common shares

were cancelled, it said.

Rite Aid ( RADCQ ) also said its Chief Financial Officer Matt

Schroeder has been appointed CEO, succeeding Jeffrey Stein.

The company said it has eliminated about $2 billion of

total debt and has received about $2.5 billion in exit financing

to support the business going forward.