By Matt Grossman

Walgreens Boots Alliance Inc. shares moved higher Wednesday morning, a day after the drugstore company named Rosalind Brewer its next chief executive. Ms. Brewer is the chief operating officer of Starbucks Corp.

Walgreens shares climbed 6.7% to $52.49. The stock closed the day on Tuesday at $49.19.

Ms. Brewer will join Walgreens on March 15, and would be the only Black woman at the head of a Fortune 500 company. She joined Starbucks in 2017 and helped improve the company's to-go operations during the coronavirus pandemic, as well as increase the focus on diversity among the coffee-shop company's leadership.

She will replace Stefano Pessina, who will step down as Walgreens' CEO.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

January 27, 2021 10:16 ET (15:16 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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