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Walgreen CEO compensation drops slightly to $12.04M

November 19, 2012 2:13 pm by | 0 Comments

Walgreen Co. Chief Executive and President Greg Wasson's total pay dropped 0.6 percent to $12.04 million for its fiscal year ended Aug. 31, according to a regulatory filing.

Though his base salary and stock and option awards increased over the same period a year earlier, Wasson's nonequity incentive plan compensation dropped by more than half, the Deerfield-based drugstore chain said in a filing Monday with the Securities and Exchange Commission.

Including Wasson, total pay for four of Walgreen's five top executives fell in the latest fiscal year.

--Walgreen Chief Financial Officer Wade Miquelon's total compensation dropped 21 percent to $3.18 million.

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--President of Community Management Mark Wagner's pay fell 21 percent to $3.05 million.

--President of Pharmacy Kermit Crawford's pay fell 19 percent to $2.91 million.

--President of Daily Living Products and Solutions Joe Magnacca joined the company during fiscal 2012. His total pay was $3.23 million.

Wasson, who has served as the company's CEO since 2009, is ushering Walgreen through a massive transition that includes several acquisitions, including a $6.7 billion deal announced in June to buy a 45 percent stake in European pharmacy Alliance Boots GmbH.

It also shelled out more than $660 million combined to buy a privately owned 144-store regional drugstore chain and the specialty- and mail-order pharmacy operations from BioScrip Inc.

For the fiscal year ended Aug. 31, Walgreen's total sales dropped 0.8 percent to $71.63 billion, a decline the company attributed to its eight-month spat with Express Scripts Holding Co., which provides prescription drug services for employers, the government and large health plans.

The two sides made up over the summer and Walgreen again joined the Express Scripts network on Sept. 15, but the damage was done. Analysts say that millions of Walgreen's former customers could be gone for good.

Walgreen also said in the Monday filing that its annual meeting of shareholders will be held on Jan. 9 in the Grand Ballroom at Navy Pier

[email protected] -- Twitter: @peterfrost

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