NEW YORK — Walgreens Corp. CEO Joe “Joey” Penney has been fired by the company he ran for 17 years.
In a statement Thursday, the company said Penney was terminated due to the company’s financial performance and that he had agreed to retire as CEO effective April 8.
He will continue to serve as chairman of the company and will serve as a member of the Board of Directors.
“I am profoundly sorry for the loss of Joe Penneys leadership and vision,” the company wrote.
Penney was chief executive officer from May 2011 to April 8, 2017, and had led the company since 2003.
During his tenure, the pharmacy chain has expanded its network of over 2,000 pharmacies, launched more than 2,500 new pharmacies, increased sales, and diversified its portfolio of pharmacy services and services to improve the quality and value of the healthcare product.
On the campaign trail, Penney frequently spoke of the need for more Walgarts.
He also criticized President Donald Trump for his trade policies, which have raised concerns about the company.
The company announced it would offer up to $20 million to veterans, and it said it would pay a $5,000 bonuses to its top executives.
This story was updated at 1:45 p.m. PT.
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