$63.3 billion drugstore chain giant, Walgreen, has announced that three of its long-time board members will be departing in January.

Charles Walgreen, grandson of the company's founder and currently chairman emeritus, plans to retire after 46 years on the board. Walgreen began working for the company as a stock boy in 1952 and held positions including pharmacist and vice president. He was named chief executive officer in 1971 and chairman in 1976. He retired as CEO in 1998. His departure will leave the board with no Walgreen family members.

Also leaving the board are Cordell Reed, who has been on the board since 1994, and Marilou von Ferstel, a board member since 1987. Reed is a former executive at Commonwealth Edison, a utility currently owned by Exelon. Von Ferstel is a retired executive from public relations firm Ogilvy.

Both plan to step down Jan. 13, when the company holds its annual shareholders' meeting. Following their departures, the board's size will be cut from 12 members to nine.

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