The company is beginning its search for a new CEO immediately.
Pessina helmed Walgreens beginning in 2015. In that time frame, the stock fell 58.4%, compared to a 49.6% gain for the Dow over the same five-year period.
On Monday morning, Walgreen's stock was down 2.15% on the news of Pessina's departure.
“I want to thank our team members around the world for their extensive achievements in the last five years, as we have fulfilled our purpose to help people lead healthier and happier lives,” said Pessina. “I look forward to continuing to serve the company as executive chairman, and to helping to ensure the success of the new chief executive officer in every way possible."
On July 16, Walgreens announced that face coverings are required at all locations.
“We support the new CDC guidance that urges the use of face covers to help prevent the spread of COVID-19,” said Kevin Ban, Walgreens chief medical officer. “As cases continue to rise in many parts of the country, it’s critical we, as businesses and members of the community, do everything we can.”
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