In a seemingly abrupt move for Walgreens, CEO Rosalind Brewer is exiting the company. This comes just three years after she took on the top role during the pandemic. Walgreens recently released a statement announcing Brewer’s imminent departure.
Brewer exiting the company comes amidst Walgreens’ recent struggles in the stock market. The company blames this on a drop in demand for COVID vaccines and tests. Online retailers like Amazon are also cutting into Walgreens’ retail profits for common household items like soap, shampoo, and toothpaste.
Brewer held executive positions at Starbucks and Sam’s Club before joining Walgreens in 2021, making her the only Black woman to lead a Fortune 500 company at the time.
Walgreens has indicated that their CEO replacement should be an individual with experience in the healthcare industry. While Brewer's experience suited the retail side of Walgreens, the COVID Pandemic influenced the company to position itself as a healthcare company as opposed to a pharmacy chain.
However, while Brewer’s departure sparked a drop in the company’s stocks, it isn’t expected to slow down business for long. Walgreens could see a significant stock boost with COVID vaccine stocks on the rise, booster shots being released in the fall, and new variants emerging.