Walgreens Boots Alliance, Boots UK’s parent company, has appointed Tim Wentforth as its new CEO, effective on 23 October.
He joined WBA at a pivotal time when the company plans to downsize the business while driving execution and creating greater value for employees, patients, customers and shareholders.
Wentforth replaced Rosalind Brewer, who stepped down on 1 September, after two years at the helm.
He joined from Evernorth, Cigna’s health services organisation based in Connecticut, where he served as its founding CEO.
Prior to Cigna, he also held top roles in companies including specialty pharmacy company Accredo and pharmacy benefit manager Express Scripts.
“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,” said Stefano Pessina, Executive Chairman, WBA.
“We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company.”
WBA shelved its plan to sell Boots in June 2022, citing difficulties for potential buyers in raising necessary funds due to financial market instability.
At present, there is widespread speculation about WBA’s second attempt to divest its UK assets as part of its ongoing efforts to tight-size the company.
WBA’s goal is to be the independent partner of choice, not just in pharmacy but also in healthcare services where it can improve healthcare, lower costs, and help patients, the statement added.
In July, Boots announced that it is moving forward with its plan to close 300 stores in the UK, despite significant sales growth in the quarterly results.
The company achieved robust quarterly results, with retail sales climbing by 13.4 percent and a ninth consecutive quarter of market share growth.
“WBA has a differentiated model with the power to build on the company’s pharmacy strength and trusted brand to evolve healthcare delivery,” Wentforth said.
“I believe in WBA’s vision to be the leading partner in reimagining local healthcare and wellbeing for all.”
“I’ve spent my career working to improve the health of the patients we’ve served,” he added.
“I believe WBA is well positioned to deliver more personalised, coordinated care and achieve better outcomes at a lower cost.”
“I fully recognise the challenges that health plans, healthcare providers, pharmacies and retailers are confronting today and am confident that WBA and its customer and patient-focused teams can seize the opportunities of a dynamic marketplace and be the partner of choice,” he further said.