Rosalind Brewer, CEO of Walgreens Boots Alliance, has resigned from her position, less than three years after taking the helm at the US pharmacy chain operator.
- Brewer’s departure was a mutually agreed decision, according to Walgreens, although no further details were provided. During her tenure, the company’s share price declined by nearly 50% as it pursued expansion as a healthcare provider.
- Ginger Graham, the lead independent director, has been named as the interim chief while the search for a permanent CEO is initiated.
- The timing of the announcement came as a surprise to many, although the event itself was not unexpected due to the significant drop in Walgreens’ stock value.
- Walgreens’ stock has fallen approximately 32% in 2023, primarily due to a greater-than-anticipated decline in demand for Covid-19 tests and vaccines, impacting the company’s pharmacy unit.
- Since Brewer’s appointment in March 2021, the company’s shares have decreased by around 47%.
- Under Brewer’s leadership, Walgreens pursued various deals to expand into healthcare and diversify from its core pharmacy business by operating doctors’ offices and offering additional services.