Shares of Walgreens Boots Alliance Inc.
WBA,
fell 2.7% in afternoon trading Friday, enough to pace the Dow Jones Industrial Average’s
DJIA,
decliners, after the drugstore chain and health care services company said its chief financial officer was leaving after five years in the role. The selloff follows a 0.7% drop on Thursday that snapped a seven-day win streak, which was the longest in 11 months. Walgreens said CFO James Kehoe was leaving to pursue a “new opportunity,” and that Chief Accounting Officer Manmohan Mahajan will be interim CFO until a successor is found. UBS analyst Kevin Caliendo said Kehoe’s departure is “somewhat of a surprise,” as the company is in the midst of a transformation around health care delivery, with Kehoe playing a large role in the rollout. Caliendo reiterated his neutral rating on Walgreens. The stock has shed 15.4% over the past three months while the Dow has gained 3.9%.
