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Walgreens CEO Steps Down

Walgreens CEO Steps Down

Walgreens CEO Steps Down

Walgreens Boots Alliance CEO Stefano Pessina is stepping down from his position after five years of serving in the role.

Pessina took on the role after the U.K. drugstore Boots merged with Walgreens in 2014. Under his tenure, WBA made several successful strategic partnerships and acquisitions that aimed to modernize and prepare the organization for the future in terms of efficiency and effectiveness.

According to a company statement, once the role is filled, Pessina will become the executive chair of the board. At that point, board chair James Skinner will step down but will remain on the board to facilitate a smooth leadership transition.

“I want to thank our team members around the world for their extensive achievements in the last five years, as we have fulfilled our purpose to help people lead healthier and happier lives,” said Pessina.

“I look forward to continuing to serve the company as executive chairman, and to helping to ensure the success of the new chief executive officer in every way possible. I am also very glad that Jim and I will continue to work together on the board, and on behalf of the entire company, we greatly appreciate all his contributions during his time as executive chairman.”

Earlier this month, Walgreens announced its $1 billion investment to open 700 primary care clinics across the country over five years. Under the new agreement, Walgreens will invest $1 billion in equity and convertible debt in Chicago-based VillageMD over the next three years. They will also make a $250 million equity investment in the company. VillageMD will use 80 percent of the funds toward the opening of clinics and building out the partnership, including integration with Walgreens digital assets.

According to SVB Leerink analysts, the new partnership now brings VillageMD valuation at about $3.3 billion. Once the agreement is finalized, Walgreens will own 30 percent of VillageMD.

Walgreens also recently announced its collaboration with DoorDash to offer on-demand delivery to customers in select cities, an offering that aims to focus on enhancing WBA’s customer experience with new convenient, accessible and safe shopping and delivery options.

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