Michael Polzin

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.

Walgreens will no longer require its cashiers to send each customer off with the words, "Be well." A spokesman said the campaign had run its course, though the company didn't elaborate on why the effort, launched several years ago, was dropped. "It's accomplished its goal of reinforcing our branding," spokesman Michael Polzin said. "We'll continue to build our relationships with customers in other ways."

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