Walgreens’ new CEO slashes dividend nearly in half as stock tumbles

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New CEO Tim Went­worth cut Wal­greens’ div­i­dend near­ly in half to 25 cents a share in first-quar­ter earn­ings as the com­pa­ny frees up cash to dri­ve fu­ture changes.

The div­i­dend cut marks the first ma­jor change from Went­worth and the first time Wal­greens cut its div­i­dend in al­most five decades as the re­tail phar­ma­cy chain be­comes a more health­care ser­vices-ori­ent­ed busi­ness.

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