Key Walgreen exec leaves as drugstore chain nears decision on Alliance Boots combo, inversion

Walgreen's top financial officer is leaving the nation's largest drugstore chain as it nears a key decision about its future that could involve a politically touchy overseas reorganization.

Walgreen says it will replace Wade Miquelon with former Kraft Foods executive Timothy McLevish as executive vice president and chief financial officer, effective immediately. Miquelon had served as a senior leader in the drugstore chain's collaboration with Swiss health and beauty retailer Alliance Boots.

Walgreen Co. bought a 45 percent stake in Alliance Boots a few years ago and will announce soon whether it plans to buy the rest. It also is considering an overseas combination called an inversion that could reduce its corporate tax bill. This type of corporate move is raising concerns in Washington over possible lost tax revenue.