(Bloomberg) — Walgreens Boots Alliance Inc. has frozen pay for senior U.S. executives as the drugstore chain undertakes a $1.5 billion cost-cutting program, the company said at an analyst meeting Wednesday.
Walgreens is in the middle of closing 200 of its 8,232 U.S. stores and will reorganize its corporate and field operations and revamp its technology. Those moves will save $500 million, adding to $1 billion in cost savings announced in August.
The pay freezes, instated in November and applicable solely to the U.S. Walgreens executives, were a way to demonstrate that the company will start with its leadership as it reduces expenses, Michael Polzin, a Walgreens' spokesman said.
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