Walgreen CEO Wasson to exit when Boots buy is done

Walgreen announced President and CEO Greg Wasson will leave the Deerfield-based company once the Alliance Boots acquisition is done, expected next quarter.

Walgreen CEO Greg Wasson

Boots chief Stefano Pessina, 73, will fill in as CEO.

A tycoon who executes megadeals—including the $6.7 billion sale of nearly half of Alliance Boots GmbH to Walgreen in 2012—Stefano Pessina remains largely unknown in the U.S.

Shareholders are due to vote on the transaction Dec. 29.

If it passes and Walgreen completes the $15.3 billion purchase of the portion of Alliance Boots it doesn't already own, Wasson, 56, will retire and Walgreen Chairman James Skinner becomes Walgreens Boots Alliance's executive chairman, the company said in a statement today.

Walgreen (WAG) monthly chart

Wasson became CEO of Walgreen in February 2009. Early in his tenure the company bought New York-based chain Duane Reade.

In August, Walgreen, the largest U.S. drugstore operator, said it would buy full control of Alliance Boots, a Swiss company that runs the largest drugstore chain in the U.K.

Walgreen has more than 8,200 stores, and Alliance Boots has about 4,600.