Walgreen Co. (WAG) (WAG) named former McDonald’s Corp. (MCD) (MCD) Chief Executive Officer James Skinner nonexecutive chairman as Al McNally steps down.
Skinner, who retired from McDonald’s last month, has served on the drugstore chain’s board since 2005, Deerfield, Illinois- based Walgreen said today in a statement. McNally, a former CEO of Harris Bank, has served on Walgreen’s board since 1999 and was non-executive chairman since 2009.
Walgreen, the largest U.S. drugstore chain, has been making acquisitions after losing customers when its contract to sell prescriptions through Express Scripts Inc. (ESRX) (ESRX) ended last year. Sales at stores open at least a year dropped 6.6 percent in the fiscal-third quarter after CVS Caremark Corp. (CVS) (CVS), Wal-Mart Stores Inc. (WMT) (WMT) and other drugstore rivals grabbed shoppers.
Walgreen last week agreed to buy the owner of the USA Drug chain for about $438 million to add stores in the southern U.S. and in June agreed to purchase a 45 percent stake in Alliance Boots GmbH to expand globally.
Walgreen said Skinner, 67, took over as chairman as part of the board’s rotation of directors. He ran McDonald’s, the world’s largest restaurant company, since 2004. McNally, 66, remains on Walgreen’s board.
Walgreen rose (WAG) 0.2 percent to $30 at 11:51 a.m. in New York. The shares dropped 9.4 percent this year through July 11.