Walgreens CEO Received $5.6 Million in Compensation

New York City Former Walgreen Co. chairman and CEO Jeffrey Rein received compensation worth $5.6 million during fiscal 2008, according to an analyst of a regulatory filing Tuesday.

The compensation was detailed in the Deerfield, Ill., company's proxy filing for the 12 months ended Aug. 31, during which time the chain’s profit grew almost 6%.

Rein became CEO in July 2006, and resigned Oct. 10 after 26 years with the company. No reason was given for his departure, but his resignation came two days after Walgreens withdrew an unsuccessful buyout bid for California-based rival Longs Drugs Stores Corp., which ultimately sold itself to CVS Caremark Corp.