The former CEO of McDonald’s Corp. (NYSE: MCD), James Skinner, has been named the new non-executive chairman of the board of Walgreen Co. (NYSE: WAG). Skinner replaces Al McNally who has been the non-executive chairman since 2009 and who will remain on the board of directors. Skinner has been a member of Walgreen’s board since 2005.
Walgreen’s said that Skinner’s appointment is “consistent with its board of directors succession and rotational planning process.” Well, maybe. Walgreen’s troubles are no secret: the loss of its contract with Express Scripts Holding Co. (NASDAQ: ESRX) has hit the company’s top and bottom lines hard; and the recent $6.7 billion acquisition of Alliance Boots was not widely viewed as the best move the company could make to improve its sales and profits.
Walgreen’s shares are down fractionally shortly after the market opened this morning, at $29.92 in a 52-week range of $28.53-$42.89.
Paul Ausick
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