Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Walgreens continues pay hike freeze for senior U.S. executives

Published 04/15/2015, 02:30 PM
Updated 04/15/2015, 02:41 PM
© Reuters. Walgreens sign is seen in the Chicago suburb of Niles

CHICAGO (Reuters) - Walgreens Boots Alliance Inc will continue to freeze salary increases for senior U.S. executives as part of plans to cut costs by more than $1 billion over three years, the drugstore chain said on Wednesday.

"We have been doing this since August ... In November our senior leaders did not get an increase," Walgreens spokesman Michael Polzin said at an analysts meeting in New York.

The cost cutting plan was announced in August 2014, and earlier this month, Walgreens said it would increase its projected cuts to $1.5 billion by the end of fiscal 2017.

As a part of that effort, Walgreens would close 200 U.S. stores, reorganize corporate and field operations and streamline IT operations. Walgreens is dealing with higher costs for generic medicines and reimbursement rates from drug plans that are chipping away at profit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.