Walgreens CFO exits in anticipation of tax inversion

Walgreens (NYSE:WAG) announced Monday that former CFO Wade Miquelon would step down as the drugstore readies to officially move its nominal headquarters overseas.

As early as this week, Walgreens is anticipated to announce that the Deerfield, Illinois, headquarters will be moved to Switzerland in order to cut the retailer's U.S. tax bill, reported USA Today.

Walgreens is in the process of completing a $16 billion acquisition of Swiss drugstore chain Alliance Boots. With the deal, Walgreens will have an opportunity to complete a tax inversion, which would allow a reduction in its projected $4 billion tax bill in the next five years.

The company said in June that a final decision about the move overseas would be announced in early August. Rumors of a move to Europe began circulating last spring and immediately ignited opposition.

If the move is completed, Walgreens will face opposition and protests by lawmakers, shareholders and consumers who want the headquarters to remain on U.S. soil.

"Now that we are preparing to move forward with bringing together these two iconic brands, it's the right time for me to transition to new challenges and new opportunities," Miquelon said in a statement.

Miquelon, who will be replaced by Kraft Foods Group executive Timothy McLevish, is the second top executive to leave the company leading up to the inversion decision. Kermit Crawford, Walgreens' president of pharmacy, health and wellness, announced his retirement last month.

For more:
-See this USA Today article

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