Walgreens Boots Alliance Inc has announced that its chief executive officer Stefano Pessina has decided to step down from the position and will assume the role of executive chairman once a replacement is appointed.
Pessina, 79, was appointed as the CEO in 2015 following the merger between Walgreens and Alliance Boots.
Under Pessina, the company has explored several strategic partnerships and acquisitions including whether to go private following private equity interest.
"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," Pessina said.
Executive chairman James Skinner will step down, but will remain on the board, Walgreens added.