Walgreen Company (NYSE:WAG) published a press release Monday, August 3rd, announcing the resignation of Chief Financial Officer Wade Miquelon.
According to the company statement, Kraft Foods Group Chief Financial Officer Timothy McLevish will step in for Miquelon. Of note, Miquelon is the second top Walgreen Co. executive to announce he’s leaving the company before an impending decision on corporate tax inversion. A few weeks ago, Kermit Crawford, Walgreen’s president of pharmacy, health and wellness, announced his retirement after 31 years with the firm.
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Alliance Boots European drugstore deal enables corporate inversion
Analysts say Walgreen Co, will very likely announce that it has completed its $16 billion acquisition of the European drugstore chain Alliance Boots within the next few weeks.
When the deal closes, Walgreen Company (NYSE:WAG) can legally undertake a tax inversion, meaning it can decrease its overall tax bill by around $4 billion over the next five years by listing the firm’s headquarters in Switzerland instead of the U.S. Back in June, Walgreen execs stated they would come to a decision regarding headquartering overseas by early August.
The company’s board of directors is facing intense pressure from larger shareholders to complete the corporate inversion, but Walgreen Co. is also having to deal with a mounting protest from Democratic lawmakers and others saying the firm should remain headquartered in the United States.
Statement from Wade Miquelon
Miquelon was quoted in the statement as saying: “Now that we are preparing to move forward with bringing together these two iconic brands, it’s the right time for me to transition to new challenges and new opportunities.”
Wade Miquelon was appointed senior vice president and chief financial officer in 2008, and was then promoted to executive vice president in late 2009. Moreover, he was closely involved in negotiating the 2012 deal that led to Walgreen Company (NYSE:WAG) acquiring 45% of Alliance Boots with the option of completing a takeover of the company in 2015. Walgreen CEO Greg Wasson also noted that Miquelon will continue to advise the firm through the end of the Alliance Boots transaction.