Walgreen says CEO Rein to retire; McNally named interim

Walgreen Co. said Jeffrey A. Rein retired as chairman and chief executive officer and named lead director Alan G. McNally to replace him in those positions until a permanent successor is found.

McNally, 62, has been a member of the board since 1999, Walgreen said today in a statement. Rein, 56, didn't resign for health or ethical reasons or because of Walgreen's withdrawn bid for Longs Drug Stores Corp., spokesman Michael Polzin said today in an interview. He declined to comment on whether the retirement was planned.

Rein's resignation comes less than two days after the largest U.S. drugstore chain abandoned its $2.8 billion bid to buy California-based Longs. CVS Caremark Corp., which trails Walgreen by number of locations, earlier offered $2.7 billion for the 521-store company.

Rein joined Walgreen in 1990, served as CEO since July 2006 and was named chairman in July 2007. The company hasn't set a timeframe for replacing him, Polzin said.

Walgreen, based in Deerfield, fell 92 cents, or 3.6 percent, to $24.36 at 10:46 a.m. in New York Stock Exchange composite trading.

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