Charles Walgreen, the founder of Walgreens, also served as the first top executive of the firm. Walgreen passed on in 1939, and was succeeded as President by his son Charles Walgreen Jr. The latter would be succeeded as President in 1969 by Charles Walgreen III. Charles Walgreen III served in that capacity until 1997, when he retired and was succeeded by Daniel Jomdt. Later on, David Bernauer took over as Chairman and CEO.
In 2006, Jeffrey Rein became the CEO, with Jeffrey Rein continuing to serve in the Chairman’s capacity. David Bernauer would retire as chairman in 2007, paving the way for Jeffrey Rein to take over as both Chairman and CEO. Rein stepped down in 2008. The current top executive at Walgreens is Gregory Wasson, who is the firm’s President, Chief Operating Officer (COO) as well as Chief Executive Officer (CEO) (Walgreen Co, 2010a; Jacovitz, 2008). The top executives at Walgreen Company are:
The company’s directors include: Alan McNally (who is chairman of the Board), Greg Wasson (the President and CEO),Stephen Davis, William Foote, Mark Frissora, Ginger Graham, Nancy Schlichting, David Schwartz, Alejandro Silva, and James Skinner (Yahoo Finance, 2010; Walgreen Co, 2010a). a. Financials: Walgreen Company has a robust financial position. With a market capitalization of 28. 33 billion, it returned 2009 sales worth $63 billion. Its net profits are estimated to stand at slightly over $2 billion.
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In 2009, it had net assets worth about two and half times its liabilities (its net assets stood at $25. 1 billion while its liabilities were $10. 7 billion). This translates into a low gearing ratio, speaking very favorably of the firm’s short term and long term solvency. As stated earlier, Walgreen has had record sales for the last successive thirty five years, and has had an increase in the quarterly dividends it has paid out in all but one of these years (Walgreens, 2009; Yahoo Finance, 2010).
The charts below depict the firm’s increase in sales revenues and earnings over the last five years:
Source: Walgreens (2009).
Literature Review: One of the models most commonly used to evaluate organizational cultures is the competing values framework put forward by Quinn and Rorbaugh (1983).
This framework categorizes cultures into four distinct groups, based on: the degree of flexibility or stability, and the degree to which the organization focuses inwards or outwards. These four types of culture are the clan, adhocracy, market, and hierarchy cultures.
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