THE WHAT? Walgreens Boots Alliance has announced plans for a transition of leadership after Stefano Pessina informed the Board of his intention to step down from his role of CEO in favor of a role as Executive Chairman.
THE DETAILS The Board has therefore announced its intention to search for a new CEO and, once appointed, Pessina will assume the role of Executive Chairman, replacing James Skinner who will step down as Executive Chairman but remain on the board to facilitate a smooth leadership transition.
THE WHY? The drugstore channel has faced stiff competition from e-commerce of late, a phenomenon that has only been exacerbated by the COVID-19 pandemic; it’s hoped that a fresh face will revive the company’s dwindling fortunes. Said Pessina, “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. 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.”