// Stefano Pessina, CEO of Walgreens Boots Alliance, is stepping down
// Walgreens Boots Alliance is the US-based parent company of Boots
// The board is currently conducting a search for Stefano Pessina’s successor
Walgreens Boots Alliance has announced that chief executive Stefano Pessina will be stepping down to become executive chairman of the company.
The board of the US-based parent company of Boots is currently conducting a search for Pessina’s successor.
Pessina was formally named chief executive in 2015, and he will assume the role of executive chairman once a new chief executive is appointed.
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His move to executive chairman will see him replace James Skinner, who is also stepping down but will remain on the board.
Pessina, who is Walgreens Boots Alliance’s biggest shareholder with a stake of 16 per cent, is credited for leading the company’s mega merger between Walgreens and Alliance Boots six years ago.
Walgreens Boots Alliance’s shares have been battered in the past year after a disappointing performance in its Boots UK arm, stiff retail competition and reimbursement pressures, largely due to low generic drug prices.
The coronavirus crisis has further added to the woes of the pharmaceutical retail giant, which had to resort to store closures, job cuts and suspension of share repurchases at Boots.
“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,” Pessina said.