US pharmacy chain Walgreens names Tim Wentworth as CEO. Tim Wentworth has been named as the new chief executive of Walgreens Boots Alliance, a network of American pharmacies. He will start in his new position on October 23. After less than three years, Rosalind Brewer unexpectedly left her position as the firm’s CEO last month.
Without going into detail, Walgreens stated that Brewer’s resignation resulted from a mutual choice. This came after a tenure that saw the value of Walgreens’ stock virtually half as the firm attempted to expand its healthcare offering.
Wentworth will also join the WBA Board of Directors. He previously served as CEO of Cigna’s (CI.N) Evernorth division until his retirement in 2021.
Wentworth stated, “I think WBA is well-positioned to give more individualized, coordinated care and achieve better outcomes at a reduced cost.
By lowering the wage gap and expanding automation at fulfillment centers, Walgreens, which lost market share to competitors Rite Aid (RAD.N) and CVS Health (CVS.N) after shutting some locations during the epidemic, hopes to restore it by the end of the current fiscal year in 2023.
With the purchases of Summit Health, a supplier of urgent care services, and VillageMD, a provider of healthcare services, Walgreens has been attempting to diversify beyond its core business.
Contrary to expectations, Walgreens’ retail division’s same-store sales decreased by 0.2% in the third quarter, mostly due to slower COVID testing and weaker demand for cough and cold medications.
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