Walgreens announced on Monday that Stefano Pessina, the company's largest shareholder and chief executive officer, will step down. He will take on the role of executive chairman once a new CEO is found.
Pessina was named CEO in 2015. Since then, the pharmacy group's value has been reduced by more than half as weak performances and strong competition took their toll.
The COVID-19 pandemic has further added to the woes of the company, which had to resort to store closures, job cuts and suspension of share repurchases at Boots.