Roz Brewer, the retail veteran, stepped down as the CEO of Walgreens after two years of service in the company. Its stock has been struggling the recent year after the demand for COVID-19 vaccine has dimmed, and the retail stock of Walgreens has also fallen.
The company is now looking for a new CEO, one with deep experience in the healthcare sector. They have been leaning deeper into the healthcare sector and are trying to build themselves as a healthcare company through their currency strategies.
Roz Brewer has also left the company’s board this Thursday. According to a new release, the decision of Roz Brewer to leave Walgreens was a mutual one.
The company shares fell by 7% on Friday.
The company has decided to work with healthcare industry veteran Ginger Graham for the time being. Ginger Graham will be functioning as the interim chief while Walgreens keeps looking for their new CEO related to the healthcare industry.
However, Brewer has agreed to keep advising the company until they have a new permanent CEO. Commenting on the current situation, Stefano Pessina, the executive chairman of Walgreens, has said–
“Our Board and leadership team will intensify our focus on creating value for our customers and our shareholders while we advance the search for a successor with deep healthcare experience to lead in today’s dynamic environment,”
Roz Brewer, the Walmart and Starbucks veteran, has led Walgreens since March of 2021. During her tenure in the company, Walgreens has been building itself as more of a healthcare company than a pharmacy chain.
They have also recently acquired Summit Health, VillageMD ( primary-care provider. The company has also had a deal with CareCentrix recently. However, since the company has been leading towards a healthcare company, Brewer’s skills do not seem to align with how the company proceeds.
Neil Saunders, Global Data managing director and retail analyst, said —
“All of this must come as a disappointment to Ms. Brewer, but it also means that a different sort of experience is needed to lead the business. It is notable that the interim CEO, Ginger Graham, has a much deeper background in the healthcare and pharma industries.”
She has led the team of Walgreens that created the vaccine scheduling system for the company. Despite her many achievements, Brewer has to step down because of Wallgreen’s different way forward.
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