Rosalind Gates Brewer, “Roz Brewer,” the highest-ranking Black CEO on the Fortune 500 list, has experienced significant losses from her stake in Walgreens Boots Alliance (Walgreens) as the company revealed plans to close 450 locations.
According to data tracked by Billionaires.Africa, Brewer, who has been the CEO of Walgreens since 2021, has seen the market value of her 0.013-percent stake in Walgreens decline by nearly $1 million ($940,000) since the start of the year.
The decline in value can be attributed to a 22-percent year-to-date drop in the company’s shares, with Walgreens’ stock trading at $29.1 as of the time of this report. This marks a decrease from its starting price of $37.36 at the beginning of the year and translates to a $3.3-million valuation for Brewer’s stake, down from $4.24 million on Jan. 1.
Walgreens Boots Alliance, a U.S. holding company headquartered in Deerfield, Illinois, owns and operates the well-known retail pharmacy chains Walgreens in the United States, Boots in the UK, and several pharmaceutical manufacturing and distribution companies. The company’s current market capitalization stands at $25.1 billion.
Walgreens Boots Alliance CFO James Kehoe stated during the company’s recent earnings call that they would be closing 150 locations in the United States and 300 locations in the United Kingdom.
The decision to close locations comes on the heels of lower earnings in the second quarter of its 2023 fiscal year compared to the same period last year due to subdued consumer spending and reduced demand for COVID-19 vaccines.
Brewer, the company’s CEO, acknowledged the financial challenges faced by the company and emphasized commitment to optimizing profitability. She stated that the company would increase cost-saving efforts to $4.1 billion and take immediate action to enhance the profitability of their U.S. healthcare segment.
Brewer, who presently holds the 27th position on the Fortune 500 list, boasts nearly 20 years of leadership experience at renowned companies such as Kimberly-Clark, Starbucks, and Walmart. Her exceptional leadership skills have been evident during her tenure at Walgreens, where she led the company to generate a revenue of $132.7 billion in 2022.
As one of only two Black women listed among CEOs leading America’s top 500 companies in 2023, Brewer’s accomplishments continue to shape the corporate landscape and inspire aspiring leaders in the business world.