Walgreen’s (WBA) CEO Stefano Pessina has stepped down from his position as the company looks to transform its business for the future in what it has called a “rapidly-evolving” healthcare industry.

Pessina will move to the company’s board of directors as executive chairman, with James (Jim) Skinner stepping down from the role but remaining on the board through the transition.

A replacement for Pessina was not named by Walgreens at the time of the announcement.

Pessina was appointed executive vice-chairman at Walgreens in January 2015. Pessina then went on to serve as interim CEO before being named a permanent CEO in July 2015.

“I want to thank our team members around the world for their extensive achievements in the last five years, as we have fulfilled our purpose to help people lead healthier and happier lives,” Pessina said in a statement.

“I look forward to continuing to serve the company as executive chairman, and to helping to ensure the success of the new chief executive officer in every way possible. I am also very glad that Jim and I will continue to work together on the board, and on behalf of the entire company, we greatly appreciate all his contributions during his time as executive chairman,” he added.

Walgreens, which employs more than 440,000 workers and has more than 18,750 stores worldwide, saw its sales decline by 0.1% in the fiscal third quarter of 2020 to $34.6 billion.

The company cited a $700 million to $750 million adverse impact from the coronavirus pandemic, with the greatest impact seen in the U.K. market for the quarter. The operating loss for the company in third quarter was $1.6 billion.

Shares of Walgreen were trading at $39.71 as of 12:07 p.m. ET, down 80 cents or 1.99%.

Walgreens
A Walgreens store in Riviera Beach, Florida. Joe Raedle/Getty Images
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