Is Walgreen's CEO Departure A White Elephant Gift?

Walgreen Company WAG came out with better than expected first quarter results in the morning of December 23. The company’s revenues rose 7 percent to $19.55 from the year ago period, while earnings increased by 16 percent from $695 million to $809 million in the same quarter last year. Earlier this month, Walgreen had announced the departure of CEO, Greg Wasson.

CNBC's David Faber and Jim Cramer broke down Wallgreen’s results and weighed in on Wasson leaving the company.

Cramer On Wasson's Departure

“When I read this, I talked to Greg last week, I have had Greg on the show numerous times. It did seem curious that Greg’s out,” Cramer said.

“I mean this is a fantastic quarter; the basket is up 4 percent; to me, this when you give

Greg Wasson

a raise. I don’t know if there are activists involved. Activists like to go after the strong companies, but Greg Wasson did an amazing job.”

“I am just surprised that he is out, but this is a big international deal and he completed it. He said he wanted to turn the company [...] he has completed all the things he wanted to do; that’s what he told me.”

Italian Billionaire Stefano Pessina Takes The Mantle From Wasson

Faber added, “Well Pessina [incoming CEO] is a very strong minded gentleman. [He's] no youngster; he is in his early 70’s. But he is viewed as very aggressive. It will be obviously important to see who the company chooses to be as his successor for the longer term at Walgreen.”

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Is Walgreen's CEO Departure A White Elephant Gift?

Cramer On Wasson's Departure

Italian Billionaire Stefano Pessina Takes The Mantle From Wasson