Walgreen hits 10-year low after CEO Rein departs (AP)

Friday October 10, 3:44 pm ET Walgreen shares plunge to 10-year low after CEO Jeffrey Rein leaves NEW YORK (AP) -- Shares of Walgreen Co. sank to their lowest price in a decade Friday after the drugstore operator said its chief executive resigned effective immediately. Jeffrey Rein left his roles as chairman and CEO two days after Walgreen abandoned its effort to buy California-based rival Longs Drugs Stores Corp. In afternoon trading, Walgreen stock dropped $1.84, or 7.3 percent, to $23.44 in afternoon trading. Shares of the Deerfield, Ill.-based company earlier traded as low as $22.30, their lowest price since Oct. 14, 1998. Rein, who named chairman and CEO in July 2006, is being temporarily replaced by director Alan McNally. "Given's Mr. Rein's age (56) and relatively short tenure, we wouldn't guess this to have been... [read full story]