Walgreens Boots to Name Starbucks Executive as CEO: Report

Coffee company announced Chief Operating Officer Roz Brewer’s departure in earnings report Tuesday.
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Walgreens Boots Alliance  (WBA) - Get Report will name outgoing Starbucks Chief Operating Officer Roz Brewer as its CEO according to a published report Tuesday.

Starbucks  (SBUX) - Get Report said in its earnings release Tuesday that Brewer “has accepted a chief executive officer role at another publicly traded company and will be leaving Starbucks at the end of February. Her next position will be announced publicly in the near future.”

A report in the Wall Street Journal said Brewer will be leading Walgreens, taking over from Stefano Pessina, who will become executive chairman. The report cited people familiar with the situation.

Shares of Walgreens Boots, a component of the Dow Jones Industrial Average,  rose $4.20, or 8.5% to $53.39 in after-hours trading. It gained 2.9% in the regular session.

Starbucks shares were off 1.4% to 103.19 in after-hours trading following better-than-expected earnings, but disappointing revenue numbers for the latest quarter amid ongoing shutdowns to combat the coronavirus. Guidance for the current year was also weaker than analysts had forecast.

Brewer joined Starbucks in 2017. Prior to that she worked at Walmart  (WMT) - Get Report for 11 years, rising from a regional vice president to become the first woman and first African American to lead a Walmart division, according to her Starbucks corporate biography.  Before working at Walmart, she spent 22 years in a variety of roles at Kimberly Clark  (KMB) - Get Report.

Brewer serves on Amazon.com Inc.'s  (AMZN) - Get Report board of directors. She also chairs the board of trustees of Spelman College, her alma mater.

Starbucks and Amazon.com are holdings in Jim Cramer's Action Alerts PLUS member club