Wednesday, drugstore chain operator Walgreens, Co. (WAG) announced its list of nominees to its board of directors following the retirement of the three long-time board members, including Charles Cork Walgreen III, grandson of the company's founder Charles Walgreen I. It also listed key initiatives undertaken by the company in 2009 and its future plans.
At the recent meeting, Charles Walgreen stepped down after serving on the board for 46 years along with directors Cordell Reed and Marilou von Ferstel.
Nominees to the company's board include, Bob Evans Farms, Inc. Chairman and CEO Steven Davis, USG Corp. Chairman and CEO William Foote, Hertz Global Holdings, Inc. Chairman and CEO Mark Frissora, Henry Ford Health System President and CEO Nancy Schlichting, Independent advisor and former partner at Arthur Andersen LLP David Schwartz, Evans Food Group, Inc. Chairman and CEO Alejandro Silva and McDonald's Chairman and CEO James Skinner.
From Walgreen, the nominees to the board are CEO and President Gregory Wasson and Chairman Alan McNally. Eight of the nine board members are independent, consistent with the requirement in the company's governance guidelines that a majority be independent.
On its key initiatives, Walgreens said that it launched a new branding campaign, tagged "Walgreens. There's a way," redesigned its website and stepped up community pharmacy efforts. Today, the company launched its self-care educational program - Walgreens Optimal Wellness program - for people with chronic conditions, including type 2 diabetes.
In 2009, Walgreens began implementing its Customer Centric Retailing program by updating store interiors, improving product selection and reducing the number of items. The company said that more than 600 of its stores are now operating with the new format with as many as 3,000 conversions expected by late fall of 2010.
On its vaccination program, Walgreens said that since September it has immunized nearly 5.5 million people for the seasonal flu and more than 1 million people for H1N1 flu. All 7,100 Walgreens pharmacies and 350 Take Care Clinics continue to offer H1N1 vaccinations, said the company.
Next month Walgreens is all set to open a Take Care Health worksite health center at the Chicago headquarters of Health Care Service Corp. to serve about 5,000 employees.
Looking ahead, the company expects to deliver $500 million in cost savings in fiscal 2010 and $1 billion in annual cost savings in fiscal 2011.
WAG closed at $37.08, up $0.34 or 0.93%, on the NYSE.
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