Walgreens 2009 Annual Report Download - page 7

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Retiring from the Board after 46 years
Charles R. “Cork” Walgreen III, grandson of the
Company’s founder, will retire from the Walgreens
Board of Directors in January 2010, after serving on
the Boardsince 1963. Mr.Walgreen started with the
Company as a stock boy and worked his way up to
Chairman of the Board and CEO. Along the way, he
earned a pharmacy degree from the University of
Michigan and held positions including pharmacist,
district manager, regional manager and vice president.
At the helm in the 1970s, Mr. Walgreen brought the
Company back to its pharmacy roots. He made the
decision to divest the Company’s chain of free-standing
restaurants, among other non-corebusinesses, and
led the charge in the 1990s to pull stores out of
shopping centers and onto corners at Main-and-Main.
He said it was time to “do what we do best – run the
best drugstores in America.” By the time he retired as
CEO in 1998, his strong leadership had resulted in
23 consecutive recordyears of growth, six stock splits
and an increase in the Company’s market capitalization
from $164 million to $19 billion.
As we say farewell to our Chairman Emeritus, our appre-
ciation can never be adequately expressed for all he’s
done for Walgreen Co. – our record of sustained success
over many years, our outstanding assets and our culture
of honesty and fair dealings. Thank you, Cork, and all
best wishes in retirement.
His legacy surrounds us
Charles R. Walgreen III
2009 Walgreens Annual Report Page 5