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Walgreens appoints Starbucks operating chief Roz Brewer as its next CEO

Walgreens appoints Starbucks operating chief Roz Brewer as its next CEO

January 27, 2021: Starbucks Chief Operating Officer Rosalind Brewer is all set to replace Stefano Pessina, the CEO of Walgreens Boots Alliance, confirmed by the drugstore chain on Tuesday.

Starbucks had announced Brewer’s departure, saying she is leaving at the end of February.

Brewer’s departure from Starbucks comes as investors, regulators, and activists push for more corporate American diversity.

The Wall Street Journal initially reported Brewer would join Walgreens.

Walgreens shares rose around 8% in extended trading on the news. The stock is down 5% from a year, making its market value to $42.50 billion.

Pessina announced his plans to resign as CEO in July. He is one of the drugstore chain’s most prominent investors and will serve as executive chairman.

Brewer joined Starbucks’ board in 2017 and later became its chief operating officer. She was the first Black woman to be COO of Starbucks and head a division at the big-box retailer.

Brewer currently deals with a wide range of responsibilities, including technology initiatives and the creation of new coffee drinks. After she leaves, her duties will be between CMO Brady Brewer and Rossann Williams, the president of company-operated locations in the U.S. and Canada.

The drugstore chain has been cutting costs in some areas and investing in others. It closed hundreds of Walgreens and Boots stores last year and cut the size of its workforce.

Starbucks has also recently announced the retirement of its CFO, Pat Grismer. He will be replaced by Rachel Ruggeri, who serves as senior vice president of finance for the Americas division from February 1.

Starbucks’ shares fell more than 1% in extended trading on Tuesday after the chain reported its fiscal first-quarter results. It beat analyst estimates for its earnings, but its sales recovery in the U.S. faltered as Covid-19 cases increased during the quarter.

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