Pharmacy Chain Walgreens Names New CEO
Date
10/11/2023 3:18:35 PM
(MENAFN- Baystreet)
Pharmacy Chain Walgreens Names New CEO
Retail Pharmaceutical chain Walgreens Boots Alliance (WBA) has named veteran healthcare executive Tim Wentworth as its new chief executive officer (CEO).
Wentworth is the former CEO of the largest U.S. pharmacy benefits management company, Express Scripts. He had retired in 2021 but is coming out of retirement to now lead Walgreens.
Wentworth will start in his new role at Walgreens on Oct. 23 of this year, nearly two months after previous CEO Roz Brewer stepped down.
Wentworth is taking the helm of Walgreens at a time when the company is facing numerous challenges, notably trying to pivot to become a provider of healthcare services as well as a retail pharmacy.
In recent years, Walgreens has taken a majority stake in primary care provider VillageMD, acquired specialty pharmacy provider Shields Health, and bought homecare provider CareCentrix.
Integrating these businesses has negatively impacted Walgreens' earnings over the past few years.
Walgreens has also seen its revenue decline due to a fall in demand for Covid-19 vaccines and tests. The company's most recent financial results missed Wall Street forecasts.
Walgreens' board of directors had said that they wanted to hire an executive with extensive healthcare experience who could bring all the new services together under one roof.
Walgreens is scheduled to next report its financial results on Oct. 12. The company's stock has declined 40% this year and currently trades at $22.38 U.S. per share.
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