Gregory Wasson

DEERFIELD, Ill. — Walgreens, reaching for an insider, named Gregory Wasson as its new chief executive officer.

The 50-year-old Wasson, president and chief operating officer of the drug store chain, was appointed by the board of directors and the announcement was made late Sunday.

Wasson will retain the position of president. His new appointment, effective Feb. 1, ends a search that began when former CEO Jeffrey Rein left in October, just days after Walgreens abandoned its effort to buy California-based rival Longs Drug Stores.

Alan McNally, 63, who has served as chairman and acting CEO since October 2008, will remain chairman of Walgreens' board.

Wasson joined Walgreens as a pharmacy intern in 1980 and advanced steadily through increasingly responsible executive positions over the course of his 29-year career with the company. Wasson said in a statement that despite economic challenges, the company has "tremendous advantages," including an "iconic brand and strong balance sheet."