NEW YORK (TheStreet) -- Shares of Walgreen (WAG) were gaining 2.13% to $69.60 after-hours Wednesday after president and CEO Greg Wasson announced he will retire when the drug store operator completes its merger with Alliance Boots.
After the close of the transaction, which company's shareholders are scheduled to vote on Dec. 29, Walgreen chairman James Skinner will become the executive chairman of Walgreens Boots Alliance.
Stefano Pessino, current executive chairman of Boots Alliance and Walgreen board member will serve as acting CEO while the company searches for a successor to Wasson.
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"With the creation of Walgreens Boots Alliance, it is now time for new leadership to move that vision forward building on the global platform we have created, executing on the company's many opportunities and creating long-term sustainable value for our customers and shareholders," Wasson said in a statement.
TheStreet Ratings team rates WALGREEN CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALGREEN CO (WAG) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."