Walgreens Boots Alliance said July 27 that CEO Stefano Pessina has decided to step down from his role.
The board of directors is beginning a search for a new CEO and when one is appointed, Mr. Pessina will become executive chairman. Current executive chairman James Skinner will step down from his role but remain on the board.
The company didn't say why Mr. Pessina has decided to step down as CEO. He's served in the role since July 2015.
"I want to thank our team members around the world for their extensive achievements in the last five years, as we have fulfilled our purpose to help people lead healthier and happier lives," Mr. Pessina said. "I look forward to continuing to serve the company as executive chairman, and to helping to ensure the success of the new chief executive officer in every way possible."
Read Walgreens' full news release here.