DEERFIELD, Ill. (AP) -- Drug store chain Walgreen Co. on Thursday named former McDonald's CEO James Skinner as its new non-executive chairman.
Skinner, a Walgreen board member since 2005, will succeed Al McNally, who will continue to serve on the board. McNally, 66, joined the board in 1999 and became non-executive chairman in 2009.
Walgreen said Skinner's long experience on it board, along with his global success at McDonalds, make him a strong choice to lead the board. Skinner became the fast food giant's CEO in 2004 and retired in June of this year after a 41-year career.
Skinner, 67, was among the group of executives that designed the "Plan to Win," which McDonald's rolled out in 2003. The plan is credited with turning around the company, which had seen its stock drop after years of corporate expansion.
Under the plan, McDonald's scaled back on new stores openings, got rid of unprofitable businesses and expanded its menu items.
Walgreen has reported revenue declines for the past several months. In June, its revenue from stores open at least a year sank 10 percent from a year ago, more than Wall Street analysts expected.
The metric is considered a key indicator of retailer health, because it isn't skewed by stores that recently opened or closed.
A split with pharmacy benefits manager Express Scripts also hurt. The chain stopped filling prescriptions for Express Scripts at the end of last year, after the two companies failed to agree on a new contract.
Walgreen said prescriptions filled for Express Scripts comprised 12.6 percent of its total in June 2011.
Walgreen shares slipped 3 cents to $29.91 in morning trading.