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Although Charles Sr seemed robust on entering his sixties, he knew he would one day have to step down, so he starting grooming Chuck to lead the company56 In hindsight it was fortunate that Charles Sr started the succession
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process relatively early In early 1939, when he was 66 just getting into the prime of life, when you can really enjoy yourself, said the 97-year-old Chuck and his son was just 33, Charles began to suffer from an uncharacteristic listlessness Charles s annual physical showed nothing of concern, so he urged Myrtle to go on a trip to Hawaii with her friends In her long-distance conversations with her husband, however, she sensed that something wasn t right and came home early A more thorough round of tests gave the family the very news it dreaded: Charles Walgreen Sr had cancer Although the doctors and family did not tell Charles a common practice at the time he seemed to understand what was happening On August 10, 1939, Charles Sr announced he d be resigning the presidency He asked me what I thought of being president, and I said, I didn t think I was qualified, Chuck said But knowing all the key people, I had full confidence that we d be moving right along 57 The board elected Chuck as president Because the family had not owned majority stock in the company for years the Fortune article reported that the family possessed only 178,000 of the 809,000 no-par common stock, less than a quarter of it58 the board s decision represented a strong vote of confidence in the young man and, by proxy, his father It was just like a family business, Chuck said, despite the fact that it was owned by the shareholders They all respected and thought the world of my Dad and did anything he thought was the proper thing to do in the company 59 As the winter closed in and his condition had not improved, Charles decided to try Christian Science; and although it didn t provide him a cure, it allowed him to sleep without drugs or pain On December 8, 1939, a cablegram arrived from his friend Rear Admiral Byrd, then on his third Antarctic expedition, saying he and his men were sailing among the South Sea Islands and wished Charles was with them On December 9, 1939, Charles Sr told Myrtle how much he had always loved her The next day he fell into a coma and died a day later
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At his funeral, his former nemesis turned loyal friend, University of Chicago president Robert Maynard Hutchins, stood up and walked to the podium to eulogize Charles, with touchingly simple affection: Mr Walgreen was the best friend I had I suppose he was the best friend anyone in this room had There was no bunk about Mr Walgreen, no front, no pretense He was himself always Simple, honest, and direct So much so that he even leaned over backwards and lied about it, to make you think he wasn t as good as he seemed from the outside, and to convince you that he didn t have any ability at all and that everything that happened was luck He was very anxious not to have anyone feel that he had an exaggerated notion of his own importance He really loved his friends He didn t just like them He didn t ever form acquaintances because he thought he could get something out of them Mr Walgreen never let anyone down who had any cause to rely upon him He spent hours thinking about business problems, personal problems, domestic problems, the political future of any one of his friends without any thought of reward If you take a simple, honest and direct man a man who was always himself, in whom there is no false show or pretense, a man who loved his friends you have a man who must be the best friend of all He was our best friend We shall not look upon his like again60 Walgreen vindicated Hutchins s praise posthumously, too, when the estate attorneys discovered that in addition to his substantial gifts to his family, the University of Chicago, and six churches, he had bequeathed 2,500 shares of Walgreen stock (worth over $50,000, or almost $650,000 in today s dollars) to the Walgreen Benefit Fund This, he had written, was intended for needy and deserving employees without regard to whether they are currently employed by the company or its subsidiaries The Walgreen Benefit Fund surpassed a million dollars in 1950, and now has many times that, to help Walgreens employees even those who
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