Walgreens Company President & CEO To Retire

Walgreens Company WAG announced Wednesday that Greg Wasson, president and chief executive officer, has informed the company’s board of directors that he will retire shortly after the close of the second step of the Alliance Boots transaction, on which shareholders are scheduled to vote on Dec. 29, 2014.

Following the transaction close and Wasson’s retirement, Walgreens Chairman James Skinner will become Walgreens Boots Alliance’s executive chairman, and Stefano Pessina, executive chairman of Alliance Boots and a member of the Walgreens board of directors, will serve as its acting CEO, pending a board search for a successor. In addition, William Foote will serve as the lead independent director of the Walgreens Boots Alliance board of directors.

“When I became CEO six years ago, I had three goals – to transform the front end of Walgreens drugstores, to advance the role that community pharmacy plays in health care and to find the right partner to take Walgreens global,” Wasson said. “With the creation of Walgreens Boots Alliance, it is now time for new leadership to move that vision forward building on the global platform we have created, executing on the company’s many opportunities and creating long-term sustainable value for our customers and shareholders.”

Walgreens Company traded at $70.00 in the aftermarket, up 2.71 percent.