Walgreens CEO Stepping Down

Walgreens (Deerfield, Ill.) announced that Stefano Pessina is stepping down as the company’s CEO, Retail Dive reports. Pessina held the job for more than five years and assumed the position after the 2014 merger with U.K.-based drugstore Boots.

Pessina will become Executive Chair of the company board after his successor is named, according to Retail Dive, and James Skinner will step down as Board Chair but will continue to “remain on board to facilitate a smooth leadership transition.”