It’s been a rough ride for pharmacy retailer Walgreens Boots Alliance shareholders, with shares peaking in 2016 and not looking back! 📉
Unfortunately, the pain continued today as the company booted (sorry, mutually agreed) to part ways with CEO Roz Brewer after about three years. The company is replacing the retail veteran as it looks to transition more into a healthcare company instead of a retail drug store. She also left the company’s Board of Directors.
In the interim, the lead independent director and healthcare industry Veteran, Ginger Graham, will serve as interim CEO while the company searches for a permanent successor. 🕵️
The leadership shakeup comes at a time when the company faces several significant challenges. Pharmacy sales have suffered in a post-pandemic world. And consumer spending at its stores has suffered, given its core consumer has been pinched by inflation and has looked for cheaper alternatives like Walmart and Amazon.
Additionally, investors are patiently awaiting its recent healthcare company acquisitions to begin paying dividends. ⌚
$WBA shares fell another 7% and are now down over 75% from all-time highs. With the entire industry struggling, we’ll have to wait and see if this change can help stabilize the company’s shares at multi-decade lows. 🤷