Walgreens announced it has named former McDonald's CEO Jim Skinner as non-executive chairman of its board of directors. Mr. Skinner, who has been on the drugstore chain's board since 2005, replaces Al McNally, former CEO of Harris Bank, who held the chair since 2009. Mr. McNally will remain on Walgreens' board.
Walgreens has been on an acquisition tear recently. Last month it announced it had taken a 45 percent stake in a deal with Alliance Boots that gives it the option of buying the British drugstore operator in three years. Last week it made news by agreeing to purchase USA Drug and its 144 stores.
"Al McNally's extraordinary leadership as our board's first lead director and first non-executive chairman of the board was instrumental and indispensable as Walgreens advanced its transformation launched in 2008," Bill Foote, Walgreens board director and chairman of the nominating and governance committee, said in a statement. "As Walgreens moves forward with its strategy to become a U.S. and world leader in pharmacy-led health and wellbeing, Jim Skinner's long experience on the Walgreens board, and decades of global success with McDonald's in expanding to Europe and emerging markets, make him an exceptional choice to lead our board into the future on behalf of shareholders and stakeholders."
Walgreens' pharmacy sales took a hit this year as a result of its breakup with pharmacy benefits manager Express Scripts. The drugstore chain saw sales drop 3.3 percent in the last quarter with same-store numbers off nearly six percent in May.