On June 21, 2011, you were quoted on the Walgreens website that "Walgreens and Express Scripts could not reach an agreement." Since that time, our Walgreens stock has dropped 30.83 %: CVS stock has increased 19%.
WAG: $45.18 (6/20/11) - $31.75 (5/22/12) = net LOSS of $13.43 CVS: $37.75 (6/20/11) - $44.94 (5/22/12) = net GAIN of $7.19
Fellow shareholders, figure it out - since that announcement, how much have you have lost? ________ ($ 13.43 x the number shares you own).
On the other hand, Mr. Wasson, you have acquired (been rewarded) as follows: 08/15/11 32,264 shares 09/01/11 73,268 " 10/12/11 20,210 " 10/12/11 13,653 " 09/01/11 306,706 " (non open market}
My questions/comments are these:
1. I am extremely disappointed in the performance of our Walgreens stock. 2. I believe you are accountable to the Walgreens shareholders (including yourself); perhaps you can help me understand what went wrong. 3. What are you doing to retirees investment? 4. What is your plan to regain shareholder confidence?
** source for information Security Exchange Commission, Yahoo, @ Morningstar.
You are not alone in your sentiments. I didn't like "rewire" but understood the concept, yet, why fix something that isn't really broken? No one can argue against cost cutting initiatives. But, the Esrx contract failure was based on pure hubris and the Board of Directors should have never allowed it to reach this level. What is totally confounding at this point is the fact that no action has been taken by management or the board to fix what is so obviously broken! I am tired of all the propaganda and hype spewing from Walgreens regarding their "value" and stance. It isn't working, it is not going to work and not one person in management has the nerve to admit a mistake. They continue to stand by their decisions and they should all be kicked out the door. If you can figure out a way to force the issue, I am on board. (I am glad I bet my money on CVS two years ago and not Walgreens.)
I really have to reiterate that there was NOTHING WRONG with Walgreens under prior CEO direction and yet the decision was made to make "changes", big changes. So here we are almost 4 years later with inflated upper management, (which has experienced a revolving door of highly paid text book ivy league failures) along with several multi-million dollar outside consulting firms (again, most those are comprised of formerly unemployed executives from other failed companies, trained to follow text book procedures)and quadrupled executive salaries and benefits. A failed billion dollar a year savings initiative, huge loss of rx business under the Esrx botched deal, massive pay and hour cuts to store level employees who are key to success or failure of bringing back customers. Even if current management gets booted out, they will all walk away with millions of dollars. Something "just ain't right" at Walgreens!!!!
are you kidding me? Nothing wrong with the past ceo direction? Rein not only allowed wag to bloat but refused to look at the pbm purchase. Can you see now how if wag owned esrx how well positioned they would be against cvs?