The company Walgreen Co's CEO Greg Wasson is about to retire and pass on the baton of responsibilities for the moment to the head of Alliance Boots Holdings Ltd. It is a decision that would make the company progress in the industry of pharmacy in the United States.

According to Walgreens, their current CEO will be retiring right after the completion of the 55% share that it is supposed to own from Europe's most popular pharmacy retailer, Alliance Boots. The deal they have is worth $15 billion and will be on for a shareholder vote this December 29.

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Alliance Boots' executive chairman Stefano Pessina will be the one taking over in the meantime when Wasson finally steps down. Walgreen said that Pessina would be the temporary CEO while they are searching for a permanent one. On the other hand, James Kinner is being eyed as the executive chairman, replacing Pessina once he moved to being the acting CEO.

These actions and changes made by the company had made lots of investors wonder about where exactly they want to take it. One of the moves that shocked them is when the company withdrew from their original plan on moving their tax domicile offshore, which lead to a $1 billion miscalculation and their former Chief Finance Officer pressing charges against them.

Since 2009, according to Morningstar analyst Vishnu Lekraj, Walgreens has had a hard time profiting and the issues on their prices also didn't make it easy for drug makers and insurance providers.

Lekraj added that it is not really a surprising move to change their CEO since the many missteps that the company has faced, including the pressure it has to deal with their suppliers and consumers and the struggles to keep up in the industry.

Tags Walgreens, Alliance Boots Holdings Ltd.