Discontent with Walgreens' strategies under CEO Jeffrey A. Rein, who abruptly retired at age 56 on Friday, had permeated the drugstore giant for more than a year, insiders say.
Rein's sudden departure Friday was surprising, but his troubles were long standing, said Scott Mushkin, analyst at Jefferies & Co. in New York.
Rein, who became president five years ago and CEO two years ago, took Walgreen in unexpected directions by refusing to consider a takeover of a pharmacy benefits management business, and he spearheaded the acquisition of specialty businesses, some of which involved sending health care aides into people's homes to give them intravenous drug therapies.
As with all Walgreen CEOs, Rein, a 26-year veteran, had started with a pharmacy background. Mushkin said the infusion business is labor-intensive, heavily regulated and a difficult one in which to make money.
http://www.suntimes.com/business/1215696,CST-FIN-walgreen11.articleSounds like Walgreens wishes to stick with what it's best at, stand alone drug stores.
