Boots parent company WBA this week (October 10) announced that Tim Wentworth has been appointed the company’s new chief executive, effective from October 23.
Rosalind Brewer previously held the position before stepping down from the role and the company’s board at the end of August.
Read more: Boots parent company appoints interim CEO after ‘mutually agreed’ departure
Long-time WBA board member Ginger Graham took over the role on an interim basis after Ms Brewer’s departure.
But WBA said this week that after Mr Wentworth joins the company and its board of directors, Ms Brewer will act as the board’s “lead independent director”.
It added that he joins the company at a “pivotal time” as it “focuses on right-sizing the business, while…creating greater value for employees, patients, customers and shareholders”.
“The next phase of WBA’s evolution”
Mr Wentworth – who “brings nearly three decades of healthcare leadership experience” - will join WBA after founding health services organisation Evernorth and working as chief executive at Express Scripts - the largest pharmacy benefit manager in the United States.
He has also worked at medical report provider Medco, multi-level marketing company Mary Kay and beverage company PepsiCo.
Mr Wentworth said he was “honoured and excited” to “lead the next phase of WBA’s evolution” and “deliver sustainable value and results”.
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He said that he believes WBA “is well-positioned to deliver more personalised, coordinated care and achieve better outcomes at a lower cost” despite “the challenges that health plans, healthcare providers, pharmacies and retailers are confronting today”.
“I believe in WBA’s vision to be the leading partner in reimagining local healthcare and wellbeing for all,” he added.
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WBA’s executive chairman Stefano Pessina said he was “[looking] forward to working with” Mr Wentworth, who he said would “lead WBA into a successful future”.
He also thanked Ms Graham “for her leadership and immense commitment…during this interim period”.
He added that the board is “confident” that Mr Wentworth “is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company”.
Sale rumours
The news comes after Boots revealed plans to close 300 branches where they are located “in close proximity to each other” in June, with closures starting the following month.
This followed a report by pharmacy sales specialists Hutchings that claimed that WBA is “in the throes of undertaking a strategic review of Boots pharmacies, possibly with an eye to a future sale”.
Read more: Boots reports 2% pharmacy sales growth amid renewed sale rumours
Hutchings claimed that “private equity investors are rumoured to be potential suitors”.
At the time, a Boots spokesperson told C+D that “nothing [had] changed” since June 2022, when WBA announced its decision to keep Boots under its ownership.
