Walgreens CEO Stepping Down

Deerfield IL

27 July, 2020

10:07 AM

Description

DEERFIELD, IL — Following reported losses of $1.7 billion during the first quarter of 2020 due to the coronavirus pandemic, Walgreens Boots Alliance is overseeing some changes at the top. The Deerfield-based company announced Monday that CEO Stefano Pessina has decided to step down from a position he's held since 2015. In addition, Executive Chairman James Skinner will transition out of his role, but remain on the board to "facilitate a smooth leadership transition" Walgreens said in a press release. Pessina will take over as executive chairman when a new CEO is hired. According to the release, following the merger between Walgreens and Alliance Boots in December 2014, Pessina was appointed executive vice chairman in January 2015. He served as interim chief executive officer from January 2015, and was confirmed in the role from July 2015. Skinner has served as executive chairman of WBA since January 2015. Earlier this month, it was announced the pandemic pushed Walgreens to a $1.7 billion loss in the most recent quarter with customers staying home or limiting shopping to essential supplies from grocery stores. The drugstore chain said that the rapidly spreading virus took a bite of between $700 million and $750 million from sales, with much of the damage coming from outside the United States. Walgreens Boots Alliance said on July 8 it will be opening physician-led primary care clinics in 500-700 of its stores over the next five years. In partnership with VillageMD (Chicago), Walgreens plans to open the "Village Medical at Walgreens" clinics in more than 30 U.S. markets with the intent to build hundreds more thereafter. Related:Walgreens Lost $1.7 Billion Amid Coronavirus PandemicWalgreens To Open Doctors' Offices In 500-700 StoresMonkey Abuse: Walgreens Bans Coconut Milk Brands After ExposéWalgreens Lays Off Undisclosed Number Of Employees In Deerfield