Walgreens Boots Its CEO

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. 🤷

Stocks Pop On Leadership Shakeup

Two struggling retailers saw their shares pop today on news of leadership shakeups. 🔀

Dollar General announced former CEO Todd Vasos will return to lead the company again. Its stock price has fallen about 60% over the last year, driven by slowing sales growth and stakeholders criticizing the company for having an unsafe environment for employees and customers. 📉

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Bonds Make History

While stocks are getting all the attention lately, bonds are making history. Well, one bond ETF is. 👀

Vanguard’s Total Bond Market ETF ($BND) is the first bond exchange-traded fund to cross $100 billion in assets under management (AUM). That’s despite a massive bond rout over the last eighteen months, where prices have been pummelled in the face of higher interest rates.

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Several Corporate Shakeups

There were several high-profile management changes announced today. We’ve got you covered with a summary below. 📝

First up, the founder and CEO of dating app Bumble, Whitney Wolfe Herd, is planning to step down early next year as she transitions to a new role as executive chair. She’ll be replaced by Lidiane Jones, the current CEO of Salesforce’s cloud-based messaging platform Slack. The announcement came ahead of Bumble’s earnings results, which will be released Tuesday after the bell. Like other pandemic-era companies that came public during the bull market, Bumble’s share price has struggled since day one and is currently sitting at all-time lows. 📉

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Rite Aid Throws In The Towel

Two months after we last spoke about it, pharmacy retailer Rite Aid is back in the news again. Unfortunately, for a similar reason as last time. 👎

In August, the drugstore chain warned it was preparing for bankruptcy as it buckled under mounting debts and lawsuits over its role in the opioid epidemic. Today, the company officially filed for Chapter 11 bankruptcy protection in New Jersey, appointing a new CEO to lead the restructuring plan. 📝

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