16373: Walgreens—Trusted Since 1901—Returns To Exclusivity Of 1901…?

 

USA TODAY reported on the departure of Walgreens Boots Alliance CEO Rosalind Brewer, which leaves the S&P 500 without a single Black woman holding a CEO title. This reflects the extraordinary underrepresentation of Black women in Adland too. Although it doesn’t prevent Walgreens from producing performative propaganda like the diversity recruitment advertisement depicted below.

 

No Black women CEOs left in S&P 500 after Walgreens CEO Rosalind Brewer resigns

 

By Jessica Guynn, USA TODAY

 

And then there were none.

 

Walgreens Boots Alliance said Friday that its CEO, Rosalind Brewer, had stepped down.

 

Brewer, 61, was the only Black female CEO currently running an S&P 500 company.

 

Her departure from the drugstore chain – and the absence she leaves – underscores the slow progress for diversity at the top of the nation’s largest companies.

 

Before Brewer, a former Starbucks and Sam’s Club executive, joined Walgreens, the last Black woman to command an S&P 500 company was Ursula Burns, who left Xerox in 2016.

 

“I am grateful to have had the opportunity to lead Walgreens Boots Alliance and to work alongside such talented and dedicated colleagues,” Brewer wrote in a note on LinkedIn.

 

Though corporate leadership has always been an exclusive club, it has gotten even more exclusive in the past two generations.

 

White men dominate the ranks of named executive officers, those corporate leaders who are listed on federal regulatory forms and include CEOs, chief financial officers and others who serve in a handful of top-paid roles.

 

Of the 533 named executive officers across these corporations, white men represent 7 in 10, according to a USA TODAY analysis. And of those companies, about 1 in 7 had executive teams that were made up of only white men in 2022.

 

Meanwhile, women – just 90 of them – make up 17% of named executive officers. Only 17 women of color were named executive officers in 2022, according to the analysis. Black women account for just 1% of top leaders. They are even more sparsely represented at the CEO level.

 

Brewer took the top job in March 2021 and was charged with transforming the company. Walgreens stock has lost half its value since then. The company has faced hurdles as it pivots from its pharmacy and retail business to focus on health care services.

 

Brewer will be replaced by board member Ginger Graham, who has been tapped as interim CEO.

13936: WPP CFO FYI.

Adweek reported Sir Martin Sorrell executed a diversity double whammy by naming Stacey Ryan-Cornelius as Chief Financial Officer of WPP Health & Wellness. Then again, Ryan-Cornelius was already a 19-year veteran with Ogilvy, which is part of the WPP empire; hence, she doesn’t necessarily represent a new hire. Plus, Adweek stated the announcement was made shortly after WPP nabbed the Walgreens Boots Alliance account—so was the move maybe tied to client diversity requirements? Oh, wait, that’s not a possibility. After all, WPP is “perhaps the most diverse example of diversity of any single organisation” on the planet. Finally, Ryan-Cornelius won’t have to use much of her accounting skills to realize her salary doesn’t come close to matching the obscene compensation enjoyed by Sorrell.

Martin Sorrell Handpicks an Ogilvy Veteran to Manage Finances at WPP Health & Wellness

Stacey Ryan-Cornelius spent 19 years with the agency

By Patrick Coffee

WPP made longtime analyst and Ogilvy veteran and worldwide controller Stacey Ryan-Cornelius the organization’s first chief financial officer today, tasking her with managing the monetary policies and procedures of its global Health & Wellness division.

WPP CEO Martin Sorrell handpicked Ryan-Cornelius for the role after working with her at Ogilvy for nearly 20 years. She begins in early January, and the latter agency is currently in the process of setting up succession plans for her.

“One of Martin’s biggest pushes lately is consolidation: picking the best of our talent to give the best to clients,” said the new CFO. “I sit in on all our quarterly meetings, so he sees me five times a year. Over the course of my 19-year tenure at Ogilvy, I’ve had the chance to be involved in multiple WPP initiatives. My reputation preceded me.”

Health & Wellness launched in February as the larger WPP group moved to consolidate its various healthcare-focused agencies—including ghg, Ogilvy CommonHealth, Sudler & Hennessey, Grey Healthcare and media firm CMI—under a single team led by Mike Hudnall, who formerly managed Team Pfizer.

The announcement immediately followed news that WPP had won the Walgreens Boots Alliance account after a competitive review. The client spends an estimated $600 million on paid media globally each year.

Prior to joining Ogilvy in 1999, Ryan-Cornelius spent several years with PwC, where she specialized in conducting audits for such clients as Viacom, Ziff Davis Publishing, Simon & Schuster and WPP’s own Y&R.

Moving forward, she will continue working with Ogilvy across the networks’ shared clients.

“I’m excited for my own Next Chapter,” Ryan-Cornelius said, referencing Ogilvy’s own recent restructuring moves and WPP’s plans to assemble the next generation of leadership across its agencies. “I am thrilled for the opportunity and humbled by the trust that both WPP and Ogilvy have placed in me,” she added, citing the time she spent working with Ogilvy chairman and CEO John Seifert and chief financial officer Steve Goldstein.

Regarding the new position, she said her first priority will be “building strong relations with the rest of the executive team and global network” as WPP aims to expand its presence in one of the most profitable corners of the marketing world.

10992: BHM 2013—Walgreens.

Walgreens decided February is Heart Health Month. But at least they featured the Hardest-Working Man in Black Advertising.

10567: Walgreens Profits Unhealthy.

The Associated Press reported Walgreens 4Q profits dropped 55 percent versus last year. Don’t expect the historical factoid to be featured in the current crappy campaign. At the corner of unhappy and unhealthy.

Walgreen’s fourth-quarter profit falls 55 percent, tops forecasts

From Associated Press

Walgreen Co.’s fiscal fourth quarter net income tumbled 55 percent compared to a year ago when the drugstore operator recorded a big business sale gain.

Its adjusted earnings still trumped Wall Street expectations. But shares of the nation’s largest drugstore chain fell almost 2 percent in premarket trading Friday.

The Deerfield, Ill., company’s stock price had climbed more than 17 percent in the quarter.

Walgreen said Friday that it absorbed a bigger inventory-related charge in this year’s quarter and another charge due to a multi-billion dollar investment in European health and beauty retailer Alliance Boots. Walgreen also took another sales hit from a split with pharmacy benefits manager Express Scripts Holding Co. that shifted customers away from its stores.

Overall, Walgreen earned $353 million, or 39 per share, in this year’s quarter. That compares to $792 million, or 87 cents per share, a year ago.

Excluding one-time items like the charges, Walgreen earned 63 cents per share. That topped analyst expectations of 55 cents per share, according to FactSet.

Revenue fell 5 percent to $17.1 billion from $18 billion a year ago.

Walgreen runs 7,930 drugstores in all 50 states, the District of Columbia, Puerto Rico and Guam, or more than its main competitors CVS Caremark Corp. and Rite Aid Corp.

The company announced in June that it planned to branch out overseas with the Alliance Boots investment. That amounted to $4 billion in cash and more than 83 million shares for a 45 percent ownership stake in the Swiss company, which runs the largest drugstore chain in the United Kingdom. Walgreen took a 9-cents-per-share charge in the quarter from that deal.

The company also recorded a “last-in-first-out” inventory charge of 10 cents per share in this year’s quarter compared to 4 cents per share last year.

LIFO is a method of accounting for inventory that assumes a company sells its newest inventory first. The company takes a credit or charge each quarter according to the anticipated inflation rate for the year.

Last year’s quarter also included an after-tax gain of 30 cents per share, due to the pharmacy benefits management business sale.

Pharmacy benefits managers, or PBMs, run prescription drug plans for employers, insurers and other clients.

Walgreen and St. Louis-based Express Scripts, the nation’s largest PBM, had stopped doing business last year after months of talks failed to produce a new contract, and Walgreen’s sales have dropped for several months because of this. The companies have since agreed to a new contract, but it didn’t start until Sept. 15, or after the fiscal fourth quarter ended.

Walgreen rivals CVS Caremark and Rite Aid have both claimed new customers due to this stand-off, and Walgreen said it took a hit of about 6 cents per share in the quarter due to the dispute.

For the full fiscal year, Walgreen earned $2.13 billion, or $2.42 per share, on $71.63 billion in revenue.

Walgreen shares fell 72 cents, or 2 percent, to $35.88 in premarket trading.

10434: Cornering The Truth With Walgreens.

The new Walgreens commercial plays fast and loose with historical facts and diversity. Sure, the drugstore invented malted milkshakes, serving them at soda fountains that probably prohibited Blacks from purchasing. Yet the copy also implies Walgreens invented child-proof safety caps. The company website, however, admits Walgreens was only the first major drugstore chain to use the caps. The container tops were created, incidentally, by Canadian doctor and medical researcher Henri Breault. Showing the Black pharmacist and cashier are nice touches, albeit a tad unbelievable. About five years ago, Walgreens coughed up $24 million to settle a discrimination lawsuit that charged the company with forcing Black employees to work at low-performing stores in poorer areas. Walgreens—At the Corner of Denial & Revisionist History.

9708: More Walgreens News And Comedy.

As MultiCultClassics predicted, the Walgreens saga is producing comedy already. While Adweek reported the creative portion of the account is up for grabs, Advertising Age claims the drugstore chain is simply fishing for more ideas. According to Ad Age, “It’s possible that the marketer might retain [incumbent agency] Downtown Partners and be looking for additional creative help. The review does not include multicultural or media services, or digital-media planning or buying.” Of course the multicultural players aren’t included in the review. It’s also a safe bet that the minorities will not be allowed to participate in the competition. And once a White agency has been selected, look for the owning network to pitch its resident colored agencies to handle the multicultural duties—probably without a formal review. BTW, the Walgreens website boasts a deep commitment to diversity.

9706: Walgreens Review Is Rx For Comedy.

Adweek reported the creative portion of the Walgreens account is going into review. Can’t help but believe the upcoming competition will provide comedy galore. For starters, the incumbent agency, Downtown Partners, is an Omnicom unit. And everyone knows Omnicom is masterful at keeping unhappy clients in the network by serving up sister agencies as replacements. Second, Walgreens’ digital agency is Publicis Groupe’s Digitas, which recently “won” the Sprint account via old-fashioned cronyism. It all sounds like a prescription for Corporate Cultural Collusion.

Walgreens Reviews Creative Business

Annual media spend approaches $200 million

By Andrew McMains

Add Walgreens to the list of restless retailers.

The drugstore chain, which has more than 8,200 locations, has contacted agencies about its creative business via a request for information that’s due back next week.

The document asks agencies about their experience in retail, healthcare and with Fortune 500 companies. The RFI also identifies potential conflicts, listing Walmart, Target, CVS, Rite Aid and Amazon as direct competitors.

Walgreens spent more than $192 million in media in 2010 and about $164 million in the first 10 months of 2011, according to Nielsen. Those figures don’t include online spending.

The chain’s lead creative agency is Downtown Partners in Chicago, a unit of Omnicom Group. Publicis Groupe’s Digitas handles digital creative efforts. Calls to each agency and Walgreens were not immediately returned.

Not in play, according to the RFI, are media planning and buying (both traditional and digital), search engine marketing/optimization and multicultural efforts.

Other retailers who have reviewed or shifted creative business in the past three months include Radio Shack, JCPenney, Staples and Dick’s Sporting Goods.

Retail, of course, is among the business sectors hardest hit by the economic downturn, so the restlessness is understandable. As consumer confidence (and buying power) wanes, so do sales at many retailers. What’s more, many stores offer the same merchandise, which puts the onus on marketing to develop brand distinctions beyond the price points.

Last year, Walgreens developed its first national campaign for its namesake line of health and wellness products. The effort included TV spots, online videos, Web banner ads and blogging.

Walgreens posted a 6 percent increase in sales in 2011 to $73.1 billion. In December alone, sales grew nearly 3 percent to $6.98 billion, according to the Deerfield, Ill.-based company.

8521: Walgreens Makes Amends For BHM…?

Target Market News reported that Walgreens will be celebrating Black History Month by spotlighting products from Black-owned businesses. Other Walgreens-related moments in Black History include the $24 million settlement for a lawsuit charging discrimination against Black employees and BHM sales promoting skin lighteners and cotton balls.

Walgreens showcases products from black-owned businesses during February

Select Walgreens stores across the country will give special recognition to its African-American vendor partners throughout Black History Month this February as part of its Community Corner initiative showcasing products produced by black-owned businesses.

The initiative, now in its second year, allows Walgreens consumers to easily identify products by African-American vendors through displays, in-store signage and announcements, national print and radio advertisements, in-store product demonstrations and a new Community Corner sticker that will be placed on each featured item.

Read the full story here.

7870: Bringing Freshness To Food Deserts.

From The Chicago Tribune…

Chicago partners with Walgreens to bring groceries to food deserts

By John Byrne, Tribune reporter

Mayor Richard Daley and Walgreen Co. officials touted progress Wednesday in the city’s push to wipe out “food deserts” in Chicago.

The Deerfield-based drugstore chain is adding fresh fruit and vegetables at four stores by next week, bringing to 10 the number of such outposts on the city’s South and West sides. Those impoverished areas of Chicago have been plagued by the lack of grocery stores after major chains closed some locations over the years.

On Wednesday, the mayor and company officials toured a Walgreens in the Grand Crossing neighborhood. Daley patted bags of onions and poked tomatoes that will be sold alongside greeting cards and aspirin.

“I want to thank Walgreens for its commitment to making Chicago a better place and helping Chicagoans to live healthier lives,” Daley said from a stage outside the store.

The mayor said he met with company officials last year and urged them to sell healthy food at stores in neighborhoods that lack enough grocery stores.

Food deserts have been near the top of the mayor’s agenda for months. The Pullman neighborhood on the Far South Side is one such area, which Daley pointed out frequently as the City Council was caught in a protracted debate over whether to approve a Wal-Mart there that would sell groceries.

Several aldermen who were reluctant to endorse Wal-Mart’s plans because of its labor practices said they found it difficult to oppose a project that would finally bring a grocery store to Pullman. The Wal-Mart store passed the City Council in June with unanimous support. A second store in the Chatham neighborhood was quickly approved last month, even though some aldermen said there already are grocery stores in that part of the city.

Wal-Mart has said it plans to open dozens of stores throughout the city.

The mayor’s appearance was the culmination of Walgreens’ yearlong effort to bring groceries to food deserts.

The redesigned store, at 67th Street and Stony Island Avenue, will offer more than 750 new food items, such as fresh fruits and vegetables, frozen meat and fish, pasta, rice, beans, eggs and whole-grain cereals.

Separately, Walgreens is launching a trial program with Northwestern Medicine and Near North Health Service Corp. to educate residents about diet and health.

Walgreens launched two stores with food centers last fall, four more last month, and the next four go online next week.

6871: Botox, Booze & Beating The Rap.

Facing the news with a MultiCultClassics Monologue…

• The Miami Herald presented a report on the increase in Botox treatments and plastic surgery for older workers seeking to remain competitive in the job market. “Youth is becoming more and more emphasized in the workplace,” said Dr. Steven Pearlman. “The seasoned experts, once pictured in ads with lots of wrinkles, have been replaced by young go-getters with multiple degrees and the appearance of boundless energy.” Especially in Just For Men advertisements.

• In Illinois, Walgreens is putting booze back on the shelves. The drugstore chain had stopped selling liquor about 20 years ago, claiming it wasn’t profitable. Given that Walgreens recently reported significant profit drops, the place can at least expect big booze sales with their own accountants.

• Chris Brown copped a plea deal to stay out of jail for beating up Rihanna. Foxy Brown, Naomi Campbell and T.I. are all thinking, “WTF?”

6866: Live Report From Cannes? More Like Dead.

Yes We Cannes with a MultiCultClassics Monologue…

• USA TODAY reported attendance at Cannes is down about 40 percent this year, and entries are off by 20 percent. Hey, if President Obama displayed outrage over CEO bonuses, what will he think about ad honchos lounging in France—especially the wonks hoping to make General Motors’ “critical vendors” list?

• The FTC is preparing to target bloggers who receive compensation for reviews, creating new guidelines to follow. “If you walk into a department store, you know the (sales) clerk is a clerk,” said and FTC official. “Online, if you think that somebody is providing you with independent advice and … they have an economic motive for what they’re saying, that’s information a consumer should know.” In the meantime, everyone feel free to send money and swag to MultiCultClassics.

• Drugstore chain Walgreen reported fiscal 3Q profits dropped 9 percent. Note to Walgreen accountants: Cymbalta® can help.

• A new study shows great white sharks display many of the same traits as human serial killers. However, the Black sharks will still probably receive harsher sentences.

6324: Stalling With Ex-Senator Larry Craig.

Dumping the news in a MultiCultClassics Monologue…

• Former Senator Larry Craig decided to dump attempts to reverse his guilty plea. Next time he goes into a toilet stall, he should just take a dump—and nothing more.

• Walgreens announced plans to cut 1,000 salaried employees, which translates to about 9 percent of its corporate management. Hey, all the guys are invited to hang out with former Senator Larry Craig

• Macy’s announced plans to close 11 stores in 9 states, citing poor sales performance. But Macy’s had the loot to hire Donald Trump as a spokesman?

6275: Falling Profits, Pop Stars & Presidents.

Failing health in a MultiCultClassics Monologue…

• A federal judge gave Circuit City final approval for $1.1 billion in financing while the retailer is under protection from bankruptcy. Does it seem like corporations get more money while failing versus succeeding?

• Walgreen reported its fiscal 1Q profits dropped over 10 percent, citing the costs of opening new stores. Maybe things will even out if Walgreen accountants and shareholders visit the new stores to fill their Cymbalta® prescriptions.

• Michael Jackson’s biographer says the star is dying, claiming the King of Pop thinks he won’t live another six months. But another Jackson associate disputes the statements and says, “He’s in great spirits. He seems very normal.” When Jacko seems “very normal,” it’s time for the rest of us to leave this life.

• President George W. Bush and his wife, Laura, delivered coats for the needy, encouraging people to volunteer during the holiday season. No word if anyone threw galoshes at them.

5283: Facing Rejection.

State of Affairs in a MultiCultClassics Monologue…

• Hillary Clinton said she would have rejected Rev. Jeremiah Wright Jr. as her pastor based on the comments she’s seen from him. But she’s totally cool with her philandering hubby. Plus, she would have repelled the bullets if a sniper had fired at her in Bosnia.

• Now reports indicate New York Governor David Paterson traveled with one of his mistresses to campaign for Clinton in Iowa last November. Hillary and Bill Clinton see no reason to reject Paterson over the matter. In fact, Bill probably supports the entire affair.

• A federal judge approved a $24 million settlement plan from Walgreens to cover a lawsuit charging racial bias at the drugstore chain. Thousands of Black employees argued the company discriminated against them in hiring and assignment decisions. And a few have probably had an affair with New York Governor David Paterson.

• Ford Motor Company sold Jaguar and Land Rover to India’s Tata Motors. Ta ta!