Walgreens Boots Alliance: CEO Steps Down as COVID-19 Hurdles and Slow Healthcare Growth Tumbled Stock

No-moat Walgreens Boots Alliance announced Sept. 1. 2023, that Rosalind Brewer has stepped down as chief executive. This move, described by the company as a "mutually agreed" leadership transition, comes as sudden and unexpected. Brewer joined the company in March 2021, making her tenure at Walgreens less than three years, and the stock tumbled roughly 25% since she took on the role. However, we don't necessarily view the stock's underperformance as Brewer's fault. Rather, Walgreens had several hurdles that it has faced since Brewer's tenure at the company, started including a number of COVID-19 waves, reduced pharmacy hours due to worker shortage and shrinkage in its retail pharmacy locations. The company has named Ginger Graham, a longtime board member, as the interim CEO.