Walgreen CEO to retire when Alliance Boots merger complete
Walgreens announced Wednesday that President and CEO Gregory Wasson will retire shortly after the company completes its merger with health and beauty retailer Alliance Boots.
Shareholders of the Deerfield-based company are scheduled to vote on the Alliance Boots transaction Dec. 29. When the deal closes in the first quarter and Wasson retires, 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, a company statement said. In addition, William Foote will serve as the lead independent director of the Walgreens Boots Alliance board of directors. Alliance Boots runs the largest drugstore chain in the United Kingdom.
"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 in a statement. "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. I could not be more proud of our company or more grateful for the opportunities I have had to work with so many incredible people since joining Walgreens over 35 years ago, and I am committed to doing my best to achieve the smoothest possible leadership transition."
Meanwhile, Skinner said, "Greg Wasson has been an excellent, visionary CEO, and the personification of Walgreens' best qualities since he joined the company 35 years ago. On becoming CEO in 2009, at a challenging time for all retailers, Greg led the company through a remarkable transformation, including establishing Walgreens as a vital partner in the delivery of modern community health care to U.S. consumers and taking the company global with Alliance Boots. During his tenure, he helped the company deliver total shareholder returns exceeding the S&P 500 and generating more free cash flow over six years than in the previous 98 years combined."
Wasson joined Walgreens in 1980 as a pharmacy intern while still at Purdue University's School of Pharmacy. Over several years, he moved from managing pharmacies in Houston to become regional vice president of store operations.
From there he took on various executive roles in the Walgreens Health Initiatives division, leading to his promotion to chief operating officer and ultimately to chief executive officer.
When becoming CEO, Wasson focused immediately on tackling retail pharmacy's challenges, including the recession, rising drug prices and mounting reimbursement pressures.
He launched "Walgreens Plan to Win," a blueprint designed to revive and reinvent Walgreens for the new era. "Plan to Win" transitioned the company from a program of rapid store openings to a strategy to improve the customer experience and return the company to double-digit earnings growth and strong shareholder returns. In 2010, he led the acquisition of Duane Reade and, in 2012, identified the opportunity to begin the process of the strategic partnership with Alliance Boots.
In addition to Walgreens, Wasson is on the boards of Alliance Boots GmbH, AmerisourceBergen and Verizon.