Walgreens CEO exits less than 3 years after taking over drug store chain
The CEO of Walgreens Boots is stepping down after less than three years at the helm of the drug store chain
NEW YORK (AP) — The CEO of Walgreens Boots has stepped down after less than three years at the helm of the drug store chain.
Walgreens Boots Alliance confirmed Rosalind Brewer's exit Friday. According to the Illinois company, the board of directors and Brewer “mutually agreed” to her resignation effective Thursday.
Ginger Graham, who currently serves as Walgreen Boots Alliance's lead independent director, has been named interim CEO.
“I am grateful to have had the opportunity to lead Walgreens Boots Alliance and to work alongside such talented and dedicated colleagues," Brewer said in a written statement. "I am confident that WBA is on track to be a leading consumer-centric healthcare company, serving thousands of communities across the country.”
Walgreens Boots Alliance, Inc. is the parent company of Walgreens and other consumer brands around the world — including Boots, Duane Reade, No7 Beauty Company, Benavides and Ahumada.
Brewer is stepping down as Walgreens undergoes significant changes, said Neil Saunders, managing director of GlobalData.
The company is looking to focus its efforts on the U.S. healthcare sector, Saunders said — noting that Brewer has more experience in the retail side of the business, which “is simply not an area that Walgreens wants to pursue as a major growth opportunity," he added.
“Healthcare is a lucrative sector and Walgreens is not wrong to see it as a major part of its future playbook," Saunders said. "However, the new permanent CEO will need to remember that it is possible to invest in both healthcare and retail. It should not be an either/or decision.”
Shares for Walgreens Boots Alliance are down 32% this year.
