Walgreen CFO Arrested on Drunk Driving Charges ... Again

Walgreen (WAG) Chief Financial Officer Wade Miquelon was arrested on suspicion of drunk driving last month, The Chicago Tribune reported. It was his second such arrest in a little more than a year, the paper found in court records.

According to the Tribune, Miquelon, 45, was stopped by police on the evening of Sept. 25, almost exactly a year after being stopped for similar charges. He later accepted court supervision for driving under the influence.

This time, Miquelon was charged with three offenses: having a taillight out, driving with a suspended license and driving under the influence. He will lose his license for three years and have his supervision prolonged, the Tribune reported.

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Michael Polzin, a spokesman for Walgreen told the Tribune of the arrest: "We're aware of it. It's a personal matter, and we don't comment on personal matters."

Companies have to disclose "events that occurred during the past 10 years and that are material to an evaluation of the ability or integrity" of an officer. This includes whether the person "was convicted in a criminal proceeding ... (excluding traffic violations and other minor offenses)," according to the Securities and Exchange Commission.

So the question becomes when does such an issue stops being a "personal matter" and starts becoming a "material" one. And what does it say about a person who makes such repeated mistakes, risking himself and others in the process? Can shareholders trust him with running the finances of their company?