Walgreens CEO Steps Down — Retail Bum

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Walgreens Boots Alliance CEO Rosalind Brewer has stepped down from her position.

Brewer’s departure comes less than three years after she was appointed to the role. As the company’s chief executive, she was the only Black woman working the top job at a Fortune 500 company.

“I am grateful to have had the opportunity to lead Walgreens Boots Alliance and to work alongside such talented and dedicated colleagues,” Brewer wrote on LinkedIn.

In Brewer’s place, Walgreens has appointed Ginger Graham as the company’s interim chief executive and board member while it launches its search for a permanent candidate.

The shuffle in the company’s top ranks comes amidst a slowdown in consumer spending and reduced demand for COVID-19 vaccines. In June 2023, the company lowered its annual profit guidance, and so far this year, its stock has tanked by 32%.

The company has implemented several cost-cutting measures to cope with slowing sales and boost profitability. Less than three months ago, the company announced plans to shut 450 stores in the U.S. and the U.K. and eliminate 500 corporate and U.S. office support staff.

Meanwhile, the company has been testing new formats at some of its stores, where merchandise is kept out of sight on purpose, and shoppers are offered a digital-first shopping experience.

Photo credit: Walgreens

Originally published at https://retailbum.com on September 5, 2023.