Rosalind Brewer, the first Black CEO of Walgreens, has stepped down after less than three years in the position. The separation was a mutual decision, according to Reuters.

During Brewer's brief tenure, the company's share price was nearly cut in half as it tried to broaden its reach as a healthcare provider even as spending remained flat. The stock is down roughly 47% since March 2021, when Brewer joined the company after leaving her post as chief operating officer at Starbucks.

A steeper-than-expected fall in demand for COVID-19 tests and vaccines is also a likely culprit for the stock price drop.

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"With the increased focus on growing the Walgreens Healthcare segment ... it makes sense to retrench and search for a new leadership team with more extensive backgrounds in healthcare services,"  Evercore ISI analyst Elizabeth Anderson told Reuters.

As part of her separation agreement, Brewer will receive a $9 million severance and remain as a special adviser through February 2024, earning a monthly consulting fee of $375,000. Walgreens named lead independent director Ginger Graham as interim chief as the company searches for a new leader.

Brewer, a Detroit native, is a graduate of Spelman College, a member of Alpha Kappa Alpha Sorority, Inc., and has sat on the board of several philanthropic and professional organizations. As a board chair member at Spelman, she instituted the Rosalind Gates Brewer Scholarship for first-generation college students like herself.