Walgreens CEO Pessina Loses $1.2 Billion on Pharmacy Wipeout
- Drugstore chain plummets as prescription profits face squeeze
- Most of Stefano Pessina’s wealth is tied up in Walgreens stock
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Walgreens Boots Alliance Inc. is facing a reckoning and it’s hitting the drugstore chain’s billionaire chief executive, Stefano Pessina, in the walllet.
Beset by bruising retail competition, changing drug-price economics and consolidation among its rivals, the company saw its shares fall Tuesday by the most since August 2014, sinking 13 percent to close at $55.36. The plunge came after the chain posted lower second-quarter profits and cut its guidance for the fiscal year.