Walgreen sets new CEO's pay at $1 million, plus bonus

Full story: Chicago Tribune

Walgreen Co. , the nation's largest drug store chain, agreed to pay newly appointed Chief Executive Gregory D. Wasson an annual salary of $1 million and annual bonus of up to $1.25 million, the Deerfield-based ...
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frustrated

United States

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#21
Mar 31, 2011
 
BTW how ironic your screen name is in relation to this topic! Maybe if you continue to be an ass kisser you too will be making that same salary that you think they all deserve in Deerfield. Good luck with that!
lip smacker wrote:
the big wigs in corperate deserve every penny if not more!!
solidarity

Port Saint Lucie, FL

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#22
May 27, 2011
 

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If you read the basic rules of corporate structure and foundation you will see that text books always mention the mixture of multiposition responsibilities or the granting of multiple positions to the same person such as responsibilities of CEO, President and COO are big corporate NO NO's in the corporate world. The result of this is absolute power and is no good for investors to invest in companies where the corporate power and authority is given to one person. As per Wall Street basic rules of investing and risk, a public companies do not operate like this. Only private companies can actually risk to do this since the authority is absolutely given to one person (the owner) and the company is not public. In summary, from the corporate (public company) order and rules of authority for a public company, the COO, President and CEO cannot be the same person. This is considered a " high risk" for investors, since corporate power governance system is not shared among other people. This multi position responsibility designation is only given to a kingdom ( the King) but not to a public corporation. When the CEO, President and COO is divided among 3 people ( 3 different minds), the corporation investment risk is less, and consequently is more attractive for investors.
Interested Party

Bradenton, FL

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#23
Jun 2, 2011
 

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There is no excuse for the high salaries except greed. You cannot justify it by other salaries, since they are all a result of greed. That's what you get from Ayn Rand philosophy so common amongst the greedy these days. If a company does not serve the public, what is their point other than to take advantage of the public. Some say vote with your dollars, but we are not able to get the truth with a corporate biased nightly news. How many people should be screwed, hurt, or die because of corporate greed before we decide that the publics' right to know, means something. Is our US capitalism acting patriotic? If not shouldn't it have to, after all it is the publics' money that supports it.

My daughter has worked for Walgreen's for 7 years, is a third year pharmacy student, owes Walgreens a major commitment for very small help with tuition and her hours have been cut to zero, but they will not lay her off, they want her and others to quit.

Walgreens is and has been an incredibly outdated company, out of touch with consumer needs for years now. Unless they make a major change in services they will go out of business. I can only imagine they are squeezing out the last dollars before selling or going fully automated.

I think they should just turn into a dollar store.

Note that the Big Pharm industry is out to end the middleman and that means CVS, Walgreens and all others.
florida

United States

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#24
Oct 20, 2011
 

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i do think the ceo ,vps and dm must receive high salary. store manag. or emp. is not important.walgreen is best dr.-store in USA and we must work for that company.
shameonwalgreens

Ashburn, VA

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#25
Nov 6, 2011
 

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I fell at a Walgreen store November 2009 because they left a mop bucket and puddele of water unattended and did not have any wet floor signs posted. They have messed with me for nearly two years by ignoring my claim, not paying my doctor bills, and offering me $1000. Additionally, I was three months pregnant and had to subject my unborn child to the x-rays in the emergency room. They have been unresponsive so next week I will take them to court. Wish me luck!!(and yes, I wish the ceo had to live on $8 per hour so he will know how it feels.
Diane

Tucson, AZ

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#26
Nov 6, 2011
 

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shameonwalgreens wrote:
I fell at a Walgreen store November 2009 because they left a mop bucket and puddele of water unattended and did not have any wet floor signs posted. They have messed with me for nearly two years by ignoring my claim, not paying my doctor bills, and offering me $1000. Additionally, I was three months pregnant and had to subject my unborn child to the x-rays in the emergency room. They have been unresponsive so next week I will take them to court. Wish me luck!!(and yes, I wish the ceo had to live on $8 per hour so he will know how it feels.
I wish you you the very best of luck. I am paying back unemployment with INTEREST on a lousy $1100.00.The CEO's know nothing about the hard work their employees do, from Managers to cashiers. Shame, Shame on Walgreens!!I had my first protest on Friday and that is just the beginning. My next one will be bigger and better. Loss prevention came running down to bully me, but I am no longer afraid of the corporation. Bring it on!!!

Since: Aug 11

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#27
Nov 6, 2011
 
Was it one of the yellow mop buckets that have a wet-floor warning printed on the sides?
Just askin.
just me

Columbia, MO

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#28
Nov 12, 2011
 
NiceThingsKitty wrote:
Was it one of the yellow mop buckets that have a wet-floor warning printed on the sides?
Just askin.
Doesn’t matter… you still have to have the other signs out also and surrounding the wet area.
just me

Columbia, MO

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#29
Nov 12, 2011
 
And with each New Year more employees will continue to lose their jobs so upper management can make more money… Re-wiring is a way of making a company look good when in fact its purpose it to hide the real issues. Wags is eating its self from within, the last time we saw an hour cut in my area we ended up with a nascar… how much do you think that cost the company and did we really need it??? I guess it doesn’t matter if the employees are eating or have heat in the winter just as long as the upper management can have that million dollars a year and a fancy race car to advertise their name…
the all seeing eye

Round Lake, IL

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#30
Nov 30, 2011
 
lip smacker wrote:
the big wigs in corperate deserve every penny if not more!!
who's pecker are you blowing 'lip smacker'...pls don't blow smoke up our butts.
get in the real world & look around you. we're pissed, we're angry, & pretty soon we'll refuse to do the dirty work for dishonest & disloyal management...They'll be in the unemployment lines soon enough
the all seeing eye

Round Lake, IL

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#31
Nov 30, 2011
 
i agree with you. But on the last part you mentioned about getting rid of the middlemen including CVS, you must understand that CVS owns an enormous insurance company called Caremark, which started the mail order process & dictates its customers that they must go through their mail order facilities from the 3rd refill onwards. This eliminates losses for them since the customers will no longer go to Walgreens after the 2nd refill as well as reaping all the profits from the mail order facilitation. Also, as a mail order provider, they fill only 3 month supplies, which they then can purchase medications at much much lower wholesale prices from the manufacturers. Not to mention signing contracts with such manufacturers for 6 months at a time, which push the plans derived formulary lists. Since insurance companies follow these guidelines, you can see how they now have almost authoritative powers over your local physician. If they have contracts with specific drug companies & the doctor writes one for a manufacturer not signed with them, they'll dispute it for days extending into weeks without covering the medication, requiring the doctor to JUSTIFY WHY he/she is prescribing said medication...then they try and push to switch the medication prescribed to one which is comprable in their formulary produced under the manufacturers they are contracted with....we are in the wrong business my friends..

Since: Feb 12

Arlington, TX

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#32
Jun 10, 2012
 
just me wrote:
<quoted text>Doesn’t matter… you still have to have the other signs out also and surrounding the wet area.
Wth happened to common sense, mop bucket, puddle of water, dont walk there dummy.

Since: Mar 12

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#33
Jun 10, 2012
 
Just want to say that the fact that CVS puts a block on refilling some prescriptions at Walgreens which is not removed until the customer calls CVS to ask that the block be removed really ticks off some people. The fact that some customers have to do it repeatedly is not something that people forget. I think that Walgreens could be using that fact as a selling point during the PBM season.
cpht wag

Cleveland, TN

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#34
Oct 3, 2012
 
i have worked at wag as a tech for 2 years. i have 2 college degrees. started at 10 an hour and have gotten 2 raises..25 and .08 33 cents an hour. am i really only this much better after 2 years? where is my bonus? where is my living wage?

Since: Jan 12

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#35
Oct 3, 2012
 
cpht wag wrote:
i have worked at wag as a tech for 2 years. i have 2 college degrees. started at 10 an hour and have gotten 2 raises..25 and .08 33 cents an hour. am i really only this much better after 2 years? where is my bonus? where is my living wage?
Find a new job? Don't know why you'd settle for a Pharmacy Tech job if you have two degrees. And the only way for a tech to make somewhat decent money was taken away when they took away Senior Tech bonuses. Unless you become a Sr. Tech beforehand, you likely won't touch $11/hour for another three years. Would think the degrees could get you something more
COSMIC MARGE

Fenton, MI

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#36
Oct 3, 2012
 
$1 million would work for me ! I would be a very happy camper to make like $15 bucks an hour so that I could live large rocking a super sized flat screen tv and a fish tank coffee table...
alvis

Baton Rouge, LA

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#37
Oct 3, 2012
 
I think that's a reasonable salary. I make 130000 a year from this company and only manage one pharmacy. I wouldn't run a company of this size for less than a million.
super mgt

Yale, MI

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#38
Oct 4, 2012
 

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alvis wrote:
I think that's a reasonable salary. I make 130000 a year from this company and only manage one pharmacy. I wouldn't run a company of this size for less than a million.
1 million was years ago.. research

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