New Walgreens CEO Roz Brewer will get a nearly $25M signing bonus
Brewer will earn $1.5M annually
Incoming Walgreens Boot Alliance CEO Rosalind "Roz" Brewer will be handed a $24.7 million signing bonus on top of her annual salary of $1.5 million, according to a regulatory filing.
Last month, the company’s board of directors appointed the Starbucks executive to assume the role of CEO on March 15, succeeding Stefano Pessina.
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In doing so, Brewer, 58, will become the first Black woman to lead a Fortune 500 company.
Under the terms of her contract, Brewer will receive a one-time bonus of $4.5 million, which is subject to repayment if Brewer voluntarily leaves without “good reason” or is terminated for cause within two years, the filing stated.
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She will also receive a one-time long-term incentive award valued at $20.2 million in Walgreens stock, bringing her total bonus to nearly $25 million.
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Brewer will also be eligible for an annual bonus with a target payout of 200% of eligible earnings, according to the filing.
Before joining Walgreens, Brewer will finish a three-year stint at Starbucks where she served as the chief operating officer since October 2017 and as a director since March 2017.
During her time at the Seattle-based coffee chain, Brewer guided the company in its shift toward digital sales, led a tech-based overhaul of its company-owned stores and revamped employee benefits. More recently, she led the company’s effort to adjust its store operations during the coronavirus pandemic.
Before that, Brewer served as the president and CEO of Sam's Club, a membership-only retail warehouse club and a division of Walmart Inc.
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For over two decades she held various management positions at the global health and hygiene products company, Kimberly-Clark Corporation.
She formerly served on the board of directors at the Lockheed Martin Corporation and Molson Coors Brewing Company and is currently a member of the boards at Amazon and Starbucks
She will resign from her board positions at Starbucks and Amazon before taking over as the Walgreens CEO.
FOX Business' Thomas Barrabi contributed to this report.