Chicago Business Litigation Lawyer Blog
No one likes being the scapegoat in a messy situation. Unfortunately, when large companies lose a lot of money, or don’t make as much as they had anticipated, their first recourse is often to find someone to blame. In the case of Walgreens’s recent $1 billion alleged forecasting error, the company’s CFO at the time, Wade Miquelon, became the alleged scapegoat.
According to reports, Miquelon made an alleged forecasting error that required Walgreens to cut its forecast of pharmacy unit earnings for the year 2016 from $8.5 billion down to $7.4 billion. After the alleged forecasting error, Miquelon and another executive at Walgreens lost their jobs, but Miquelon tells a different alleged story which Walgreens denies.
According to the former CFO, he was not fired from his position. In fact, he claims he was offered a promotion and told that, if he accepted it, he would be in line to succeed Gregory Wasson as Walgreens’s CEO. Instead of taking that opportunity, Miquelon says he left his position “to pursue opportunities outside of Walgreens”. Thanks to accusations made by Wasson and other Walgreens executives though, Miquelon’s opportunities outside of Walgreens have allegedly been severely restricted. Continue reading ›