Greg Wasson, CEO of Walgreen, leaves the drugstore chain after a deal merger with Alliance Boots closes.
Wasson was supposed to lead the combined company, which is a turnabout from the company's earlier plan way back August.
Jim Skinner, Walgreen's Chairman and former CEO of McDonald, will take the position of executive chairman of Walgreen Boots Alliance. Stefano Pessina, executive chairman of Alliance Boots, will be the acting CEO, as shareholders are looking for a replacement for Wasson. Shareholders vote is set on Dec. 29.
Spokesman from Walgreen doesn't give any comment on the change of plans that was not part of the press release.
He said the merge between Walgreen and Alliance Boots only means that it is the right time for a new leadership.
“When I became CEO six years ago, I had three goals—to transform the front end of Walgreen drugstores, to advance the role that community pharmacy plays in health care and to find the right partner to take Walgreen global,” said Wasson.
Last summer, Wasson was in the middle of a controversy as he thinks that the deal with Alliance Boots is an “inversion.” Walgreen is not in favor of inversion despite questions that concern Walgreen’s patriotism.
In October, Wade Miquelon strikes back at Wasson and Walgreen, claiming that Wasson during his time as director of Walgreen defamed him in meetings with large shareholders. Walgreen acknowledged the lawsuit in a court motion and said Miquelon was responsible for the depressing forecast.
The shareholders' vote will happen on Monday, Dec. 29, and they will also take into consideration whether Walgreen should buy the remaining 55% shares of Alliance Boots. The company expects that the deal will materialize early in 2015.
CtW Investment firmly opposed the Alliance Boots deal. Executive Director of the CtW Investment Group, Dieter Waizenegger, has called for the postponement of the shareholder vote, as there is no firm stand on who will be leading the merged company.
