Walgreens Froze Salaries for Top U.S. Executives

During a meeting with analysts Wednesday, Walgreens president Alex Gourlay ticked through a list of measures the company had taken since launching a cost-cutting initiative last year that has grown to $1.5 billion. The drug store chain, which is now known as Walgreens Boots Alliance after recently merging with a U.K. company, will be closing some 200 U.S. stores and reorganizing certain parts of its management. One move in particular is getting plenty of attention: Last November, the company froze salaries of its senior leadership, though it continued to hand out merit increases to rank-and-file employees.