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LAKE FOREST – Charles R. "Cork" Walgreen III, 80, of Lake Forest, former president, CEO, chairman of the board, and chairman emeritus of the iconic U.S.-based drugstore chain Walgreen Co., died Monday, Sept. 26, 2016, at his home in Lake Forest. He was 80 years old, and the grandson of Charles R. Walgreen Sr., who founded the 115-year-old pharmacy retailer.
Born Nov. 11, 1935, in Chicago, he was the son of Mary Ann Leslie and Charles R. Walgreen Jr., who himself succeeded the company’s founder as president of Walgreens. Walgreen III had an early start on his remarkable 58-year Walgreens career, starting in 1952 as a stock boy after school and on vacations. He later entered the University of Michigan in Ann Arbor, Michigan, from which he earned his bachelor’s degree in pharmacy in 1958. He held numerous operations positions at the company before being named president and CEO in 1971. After his father, Walgreen Jr., retired from the company’s board in 1976, Walgreen III was named chairman and CEO.
Walgreen III served as Walgreens CEO until his retirement in January 1998. He remained chairman until August 1999, then retired from the board as chairman emeritus in 2010.
In addition to his Walgreens responsibilities, Walgreen III served a number of industry, civic, and professional organizations, including as a director and past chairman of the National Association of Chain Drug Stores, a director of the Illinois Retail Merchants Association and Junior Achievement of Chicago, and a member of the American Pharmaceutical Association. An avid sailing enthusiast and golfer, he was a member of Sailfish Point Club in Stuart, Florida, Lake Winnipesaukee Golf Club in New Durham, New Hampshire, and the Exmoor Country Club in Highland Park. In 2004, he donated $2 million to his alma mater, the University of Michigan College of Pharmacy, to establish a professorship focusing on researching the socio-economics of health care policies, regulations, and ethics. Walgreen III is credited with significant strategic changes that powered Walgreen Co.’s growth for decades to come. In 1969, shortly after he became president, he determined that it was time to get back to Walgreens core business: pharmacy. With that, he initiated a turnaround for the company that was deemed by many to be unprecedented. When he retired as CEO in January 1998, the company had enjoyed 23 consecutive years of record sales and earnings growth under his leadership. Walgreen III was hailed as an unrivaled industry leader who advocated the high value of his company’s team members. He reflected his grandfather’s hiring advice by selecting a strong management team. Unassuming but focused on business results, he shunned personal publicity, crediting instead his management team and employees with the company’s successes.
Walgreen III is survived by his beloved wife of nearly 40 years, Kathleen; six sons, Charles Richard (Catherine) Walgreen, Kevin (Nadia) Walgreen, Leslie Ray Walgreen, Chris Patrick (Maggie) Walgreen, Tad Alexander Walgreen, and Carl (Gigi) Allen Jr.; two daughters, Brooke Julia Walgreen and Jorie Allen (Colin) Grassie; 19 grandchildren; and one great-grandchild. He also is survived by his sister, Leslie Ann Walgreen Pratt; brother, James Alan Walgreen; and several nieces and nephews.
He was preceded in death by his parents, Charles R. Walgreen Jr. and Mary Ann Leslie Walgreen; and his son, Tad Alexander Walgreen Sr.
Services previously were held.
Memorials may be directed to the Radiation Oncology Fund at Cardinal Bernardin Cancer Center, Loyola University Medical Center Office of Development, 2160 S. First Ave., Maywood, IL 60153.