: Walgreens stock leads the Dow’s losers after ‘surprise’ news of CFO departure


Shares of Walgreens Boots Alliance Inc. WBA, -2.71% fell 2.7% in afternoon trading Friday, enough to pace the Dow Jones Industrial Average’s DJIA, +0.50% 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%.

This article was originally published by Marketwatch.com. Read the original article here.

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