Walgreens CEO steps down

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Walgreens Boots Alliance on Friday said that CEO Rosalind Brewer has stepped down less than three years after taking the helm at the pharmacy chain.

The retailer said in a release that its board and Brewer mutually agreed for her to step down. Brewer also immediately stepped down as a member of the company’s board.

Walgreens’ board named Ginger Graham, a member of the board, as interim CEO as the company launches a search for a permanent CEO.

Brewer’s departure comes amid a turbulent period for the retailer. Walgreens slashed its full-year profit guidance in June, warning of softening consumer spending and a pullback in demand for Covid vaccines.

Shares of Walgreens are down 32% so far this year.

This is a developing story.

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