Walgreens Boots Alliance CEO Rosalind Brewer has made the decision to step down from her position, according to the pharmacy chain operator. This comes less than three years after Brewer, a former executive at Starbucks, took on the top job at Walgreens.
The departure of Brewer from the company was a mutual decision, according to Walgreens, although no further details were provided. During her tenure as CEO, the company’s share price dropped by nearly 50% as it attempted to expand its presence as a healthcare provider.
While the search for a permanent replacement is conducted, Walgreens has appointed Ginger Graham, lead independent director, as the interim chief.
Walgreens shares experienced a low point of $23.39 and closed at $23.43, down 7.4%. The stock has been struggling throughout the year, with a 37% decrease, largely due to a greater-than-expected decline in demand for COVID tests and vaccines from its pharmacy unit.
The stock is currently down around 50% since Brewer joined the company in March 2021 from Starbucks.
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