DENVER BUSINESS JOURNAL - Walgreens Boots Alliance will supplant General Electric Co. in the Dow Jones Industrial Average (DJIA), per the S&P Dow Jones Indices.
The change is effective Tuesday, June 26 prior to market open.
The move marks another blow for troubled GE, which once had the highest market value of any U.S. corporation, per The Wall Street Journal. Its shares have fallen more than 50 percent in the last year.
“General Electric was an original member of the DJIA in 1896 and a member continuously since 1907,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a press release. “Since then the U.S. economy has changed: consumer, finance, health care and technology companies are more prominent today and the relative importance of industrial companies is less.”
While GE has struggled, Deerfield, Illinois-based Walgreens has expanded globally to meet health service demands.