Pharmacy Chain Operator Walgreens' CEO Rosalind Brewer Steps Down, Stock Down Over 45% Since Her Appointment

Walgreens Boots Alliance Inc's WBA CEO has agreed to step down as CEO and board member as of August 31, 2023. 

The company said that Walgreens' board and Brewer had mutually agreed that she would step down.

The board has appointed Ginger Graham, the current Lead Independent Director of WBA, as the company's interim CEO. 

Ms. Brewer has agreed to continue to advise WBA while the company conducts a search for a permanent CEO.

Roz Brewer was named the CEO of Walgreens Boots Alliance in March 2021, just as COVID-19 vaccines became available to Americans. To date, WBA has delivered over 70 million vaccine shots. 

Walgreens' shares have lost about 47% of their value since March 2021.

Ms. Graham has served on the WBA Board of Directors since 2010 and, in October 2022, was named the WBA Board's Lead Independent Director. 

The company expects FY23 adjusted EPS to be at or near the low end of its previously stated range. 

During its Q3 earnings release, Walgreens lowered its FY23 adjusted EPS guidance to $4.00-$4.05 from the previous $4.45 - $4.65 (versus the consensus of $4.45) to account for consumer and category conditions, lower COVID-19 contribution, and a more cautious macroeconomic forward view.

Preliminary fiscal 2024 expectations suggest a low- to mid-single-digit adjusted operating income growth, likely driven by U.S. Healthcare and U.S. Retail Pharmacy.

Price Action: WBA shares are down 0.04% at $25.30 during the premarket session on the last check Friday.