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Sept 1 (Reuters) – Walgreens Boots Alliance CEO Rosalind Brewer resigned on Friday, less than three years after taking the top job at the pharmacy chain operator.
The company’s board and Beer have mutually agreed that she will step down, Walgreens said, without providing further details.
Brewer, a former Starbucks executive, joined Walgreens in 2021. She oversaw the release of Covid-19 vaccines and made a series of deals to go into healthcare and doctors’ offices.
But gains from sales of Covid-19 testing and vaccines have shrunk and Walgreens stock has tumbled in recent months.
The company warned in June that inflation-weary consumers will continue to suffer next year due to lower costs and a larger-than-expected drop in COVID-19 product sales.
Walgreens shares have lost about 47 percent of their value since Brewer took over as CEO in March 2021.
The company has named Lead Independent director Ginger Graham as interim CEO and said it has begun a search for a permanent CEO.
Beer will continue to serve the company as a special consultant through February 2024, earning a monthly consulting fee of $375,000, Walgreens said.
The pharmacy chain operator added that it expects full-year 2023 adjusted earnings per share to be at or near the low end of the previously disclosed range. Shares of the company were marginally higher in volatile premarket trading. (Reporting by Manas Mishra in Bengaluru; Editing by Shonak Dasgupta)
