Walgreens Boots Alliance (WBA) has announced the appointment of healthcare veteran Tim Wentworth as its new Chief Executive. He replaces Rosalind Brewer, who abruptly stepped down last month following less than three years in the job after the company reduced its annual earnings forecast for a second time.
Most recently, Wentworth was CEO of Evernorth, Cigna’s health services organisation. Prior to that, he was CEO of Express Scripts, the largest pharmacy benefit manager in the US.
Wentworth’s appointment comes as WBA looks to expand beyond its core retail and pharmacy business, and refocus its operations on the lucrative healthcare market in the US. This is expected to lead to the eventual sale of its Boots chain in the UK following a failed attempt last year.
“The WBA Board has been focused on bringing in a CEO with deep healthcare experience, and we are pleased to welcome Tim Wentworth as the company’s new CEO,” said Stefano Pessina, the group’s Executive Chairman.
“He is an accomplished and respected leader with profound expertise in the payer and pharmacy space as well as supply chain, IT and Human Resources. We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company”.
Wentworth added: “WBA has a differentiated model with the power to build on the company’s pharmacy strength and trusted brand to evolve healthcare delivery. I believe in WBA’s vision to be the leading partner in reimagining local healthcare and well-being for all”.
NAM Implications:
- The issue is whether this will accelerate the move to sell Boots.
- In which case, given the unlikelihood of Boots being able to build the necessary five years of profitability necessary for reflotation.
- Meaning a reduced-price sell-off.
- (Amazon)?
