Walgreens elected Board has provided failed guidance over the last 5 years!! when will this end?
Walgreens Board of Directors are to work on the behalf of its shareholders, yet this Board has no accountable to these same shareholders.
Look at the miss guidance they have allowed,
1) A contract dispute with CVS that caused a loss in full Rx participation: of CVS full PBM offerings.
2) The Sale of Walgreens PBM unit.
3) A 2nd contract dispute with Esrx another PBM that cost billions.
4) Losing Tricare as a customer
4) Dissolving Walgreens drug Wholesale unit, for a quick fix to operational costs.
5) A DOJ 80 million dollar operating fine and a pleading of guilty of drug diversion .
6) A Multi billion dollar merger that projected revenue growth that now is taken down.
7) The sale of Walgreens Corporate HQ real estate among other operational assets
8) The potential dissolution of Walgreens operational charter and reincorporation into a tax haven.
9) A future crisis of Government participation in USA Rx bid contracts
10) Customer protests with several leaving Walgreens Rx service.
If these decisions are the common beliefs and views shared in this boardroom, Walgreens strategic risk guidance needs some serious help.
Look at CVS's board. Bill Weldon, the grandfather of bad executives. In ten years Johnson & Johnson had stagnating sales under his watch, the first time in corporate history actually fell. Tons of product recalls. Common joke was he worked from the country club golf course as he didn't know where the office was.
James Skinner, Retired Vice Chairman and CEO, McDonalds Corp. Gregory Wasson, President and CEO, Walgreen Co. Janice Babiak, Retired Managing Partner, Ernst & Young LLP, David Brailer, MD, Chairman, Health Evolution Partners. Steven Davis, Charmain and CEO, Bob Evans Farms, Inc. William Foote, Retired Chairman of the Board and CEO, USG Corp. Mark Frissora, Chairman and CEO Hertz Global Holdings, Inc and the Hertz Corp. Ginger L Graham President and CEO, Two Trees Consulting, Alan McNally,Retired Chairman and CEO, Harris Financial Corporation. Dominic Murphy, Partner Kohlberg Kravis Roberts & Co, Stefano Pessina, Executive Chairman, Alliance Boots GmbH, Nancy Schlichting, CEO Henry Ford Health System. Alejandro Silva, Chairman and CEO, Evans Food Group, Inc.
There you have it, a complete listing of the Walgreens Board of Directors. The combined knowledge and wisdom of which falls short of that provided by robbsbeach. Perhaps it would be a good time for robbsbeach to share with us exactly what his credentials are.
First 5 members on your list have not been on Walgreens Board of Directors for the last five years .
and more important is the fact Walgreens has moved from Crisis to Crisis over these 5 years.
So if you think Walgreen board is actively engaged in their duties, that leaves only Walgreens management who have been hired by the Board for these judgment failures.
Walmart, Target, Burger King among other Corporations have no problem flushing the CEO, who fails to keep the board informed and misses revenue guidance.
As this Inversion discussed continues I can only guess Walgreens will not moving forward in the near future with this plan.
Again another self inflicted Crisis with the loss of more Customer confidence, and the Investment bankers who underwrote this deal based on 3 M&A outcomes, well don't be surprised at the reorganization announcement that will follow.