Walgreens reveals its pick for new CEO
Walgreens called Tim Wentworth the 'right person to lead WBA's next phase of growth into a customer-centric healthcare company'
Walgreens Boots Alliance recently unveiled whom it has selected to lead the pharmacy store chain.
In a Tuesday press release, the company revealed that Cigna’s Evernorth former head Tim Wentworth will become its next CEO and new board member. He will step into those jobs in just over a week, on October 23.
"The WBA Board has been focused on bringing in a CEO with deep healthcare experience, and we are pleased to welcome Tim Wentworth as the company’s new CEO," Walgreens Executive Chairman Stefano Pessina said. "We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company."
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Tim Wentworth has been selected as Walgreens' next CEO (Walgreens Boots Alliance/Business Wire) (Walgreens Boots Alliance/Business Wire)
Two steps that Walgreens has taken amid its efforts to become a "consumer-centric healthcare company" have been finishing its purchase of Shield Health Solutions and moving to have full ownership of CareCentrix. It also contributed funds to its VillageMD’s purchase of Summit Health-CityMD.
A sign at a Walgreens store in Homestead, Florida. (Photo by Joe Raedle/Getty Images) (Joe Raedle/Getty Images / Getty Images)
Ginger Graham had been working as the pharmacy store chain’s CEO on an interim basis since the end of August. She moved into that position due to former CEO Rosalind Brewer resigning in a decision described by Walgreens as mutual.
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Brewer’s stint as Walgreens CEO spanned over two years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 17.26 | -0.55 | -3.09% |
At the helm of the company, Wentworth will be "entitled to an initial annualized base salary of $1,500,000, subject to future adjustments as determined by the Company’s Compensation and Leadership Performance Committee of the Board, and will be eligible for an annual bonus with a target payout of 200% of base salary under the Company’s corporate bonus program," according to a Securities and Exchange Commission filing.
Walgreens Boots Alliance Inc
The filing also said that he will have eligibility for "long-term incentives pursuant to the WBA 2021 Omnibus Incentive plan on the terms and conditions determined by the Compensation Committee."
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In addition to Evernorth, Wentworth has past experience as the CEO of now Cigna-owned Express Scripts. Other companies that have employed Wentworth in the past have included Medco, Mary Kay and PepsiCo, according to Walgreens.
Walgreens Boots Alliance is set to name healthcare industry veteran Tim Wentworth as its new CEO. (Lane Turner/The Boston Globe via Getty Images / Getty Images)
Walgreens had a market capitalization of $19.51 billion as of Wednesday afternoon.
Daniella Genovese contributed to this report.