- Push-out Score suggests push-out forces
- After about three years in the position
- Accolades, praise and thanks for Fairweather
- James Kehoe taking over
- Fairweather will remain as senior advisor at Walgreens
- Fairweather said 50 words
(exechange) — Deerfield, Illinois, March 8, 2018 — George Fairweather, finance chief of Walgreens, leaves the position. As announced by Walgreens Boots Alliance, Inc. in a news release on Thursday, March 8, 2018, George Fairweather leaves his post as chief financial officer at the retail pharmacy company after about three years in the position, effective June 1, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6 years, according to data compiled by exechange.
Fairweather’s duties will be taken over by James Kehoe, currently chief financial officer of Takeda Pharmaceutical Company Limited.
The fact that Fairweather’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The company now moves into our exciting future as a global leader in health and wellbeing”
A reason for Fairweather’s departure from the CFO post was not explicitly given. Jim Skinner, Walgreens Boots Alliance executive chairman, said: “We are pleased to welcome James Kehoe to lead the Walgreens Boots Alliance global finance operations as the company now moves into our exciting future as a global leader in health and wellbeing.”
Fairweather will remain as senior advisor at Walgreens
“Fairweather will become a senior advisor to Chief Executive Officer Stefano Pessina for business development and finance, also effective June 1,” Walgreens said.
Walgreens said: “Kehoe will succeed George Fairweather, who has served as Walgreens Boots Alliance global chief financial officer since February 2015.”
Share price decline
The change follows a decline in the share price of Walgreens Boots Alliance, Inc. since July 2015.
Chaired by Jim Skinner
Walgreens Boots Alliance, Inc. is chaired by Jim Skinner.
James A. Skinner is Executive Chairman of Walgreens Boots Alliance. He was named Chairman of the Walgreen Co. Board of Directors in 2012.
CEO: Stefano Pessina
Stefano Pessina serves as CEO of Walgreens Boots Alliance, Inc. Stefano Pessina has been an Executive Vice Chairman of Walgreens Boots Alliance, Inc. since January 2015 and has been its Chief Executive Officer since July 9, 2015. Pessina previously served as Acting Chief Executive Officer of Walgreens Boots Alliance, Inc. from January 2015 to July 9, 2015.
In the position of CFO since 2015
George Rollo Fairweather has been Global Chief Financial Officer and Executive Vice President of Walgreens Boots Alliance, Inc. since February 20, 2015.
Fairweather is Executive Vice President and Global Chief Financial Officer of Walgreens Boots Alliance, Inc.
Prior to this, he was Group Finance Director of Alliance Boots, having joined Alliance UniChem, a predecessor company, in the same position in 2002.
Previously, Fairweather was Group Finance Director of Elementis (joining when it was Harrisons and Crosfield) and before that of Dawson International; both UK based international groups with a significant presence in the U.S. Earlier in his career, he worked for Dixons Group in the UK and U.S., Procter & Gamble and KPMG Thomson McLintock.
Fairweather is a member of The Institute of Chartered Accountants of Scotland.
At the time of Fairweather’s appointment as chief financial officer at Walgreens, Jim Skinner had said: “We welcome George to lead the Walgreens Boots Alliance global finance group as we move forward following our successful merger to create the first international pharmacy-led health, wellbeing and beauty retail enterprise. George’s global experience and expertise, and service with Alliance Boots, will ensure an effective transition and the strong financial leadership the future combined enterprise will need going forward.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered George Fairweather’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 11.2018 ($).