Pharmacy chain Walgreen Co. announced today that it has chosen Gregory D. Wasson to be its new CEO. Wasson is president and chief operating officer and has been with the Walgreens drugstore chain since 1980. Wasson replaces acting CEO Alan G. McNally, who took the job in October when Jeffrey Rein retired after 25 years with the company. McNally will stay on as chairman of the board.
Wasson will remain president of Walgreens, No. 70 in the Internet Retailer Top 500 Guide. Walgreens conducted a nationwide search for its new leader, the first time the company has looked outside for a CEO.
"During the past three-and-a-half months, the special committee conducted a national search to find the best person to become Walgreens’ new CEO,” says William C. Foote, chair of the nominating and governance committee. “Our process was intensive, wide reaching and thorough, considering both internal and numerous external candidates. Both the committee and board have unanimously concluded that Greg Wasson is the best person to lead Walgreens forward as we pursue our growth strategy to return this company to higher levels of earnings performance."
Wasson joined Walgreens first as a pharmacy intern. He was named a regional vice president of Walgreens store operations in 1999, became executive vice president of Walgreens Health Services in 2001 and was named president of that division in 2002. He became president and chief operating officer of Walgreen Co. in 2007.
In October, Walgreens announced a plan to improve its business performance by slowing store openings and focusing more on existing stores, improving the experience for shoppers, patients, employers and payors, and focusing more on its pharmacy, health and wellness services, The store says the plan is designed to reduce capital spending by $1 billion over the next three years with an additional $1 billion in annual cost reductions by 2011.
Walgreens’ 2008 sales totaled $59 billion. The company operates 6,636 drugstores in 49 states, the District of Columbia and Puerto Rico. Walgreens sells online at Walgreens.com.
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