The CEO of Walgreens Boots Alliance (NASDAQ: WBA) is departing after less than three years on the job, and investors are not sure what comes next for the embattled company. Shares of the healthcare giant were down by 5.4% as of 12:11 p.m. ET on Friday as investors digested the C-suite news and an earnings warning.

It has been a difficult couple of years for shareholders of Walgreens, with the stock losing more than 50% of its value from its early 2022 level as the pandemic-related surge in health spending has faded into the background. CEO Rosalind Brewer has stated she believes the company's core drugstore business is on the decline, and has used a series of acquisitions to help build its portfolio of urgent care centers and other healthcare-related services.

On Friday, Brewer announced she and the board "have mutually agreed" she would step down as CEO. The one-time Walmart and exec will continue to advise the company as it conducts its search for her replacement, and she will work with current board member and interim CEO Ginger Graham in the meantime.

Continue reading

Source Fool.com