Walgreens Boots Alliance announced on Friday that its CEO, Rosalind Brewer, has stepped down. At 61, Brewer was the only Black female CEO leading an S&P 500 company.
Her departure highlights the ongoing challenges in advancing diversity within the highest echelons of the nation’s major corporations. Before Brewer, the last Black woman to lead an S&P 500 company was Ursula Burns, who left her position as CEO of Xerox in 2016.
Brewer, a former executive at Starbucks and Sam’s Club, expressed her gratitude for the opportunity to lead Walgreens Boots Alliance and praised her colleagues in a LinkedIn post.
The world of corporate leadership has historically been exclusive, but it has become even more so in recent decades. White men predominantly hold the roles of named executive officers—such as CEOs and CFOs—listed on federal regulatory forms.
White men make up 70% of the 533 named executive officers in these corporations. About 14% of these companies had executive teams consisting solely of white men in 2022.
In contrast, women represent just 17% of named executive officers, with only 17 women of color holding such positions in 2022. Black women account for merely 1% of top leaders and are even less represented among CEOs.
Brewer, who assumed the CEO role in March 2021, was tasked with transforming Walgreens. Since her appointment, the company’s stock has halved in value, and Walgreens has encountered difficulties as it shifts from a focus on pharmacy and retail to health care services.
Board member Ginger Graham has been appointed as the interim CEO to replace Brewer.
