- Push-out Score determined
- After about five and a half years in the position
- Accolades and praise for Pessina
- Search for a successor
- Pessina will remain as executive chairman at Walgreens
- Pessina said 98 words
(exechange) — Deerfield, Illinois, July 27, 2020 — Stefano Pessina, chief executive of Walgreens, leaves his position. As announced by Walgreens Boots Alliance Inc. in a news release and in a regulatory filing published on Monday, July 27, 2020, Stefano Pessina leaves his post as chief executive officer at the largest U.S. drugstore chain by stores after about five and a half years in the role, effective at the time of the appointment of a new chief executive officer.
Walgreens will undertake a search for a successor.
“To drive further progress on its key strategic priorities”
Walgreens did not give an explicit reason for Stefano Pessina’s departure from the CEO post. Walgreens said: “Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced plans for a transition of leadership, to prepare for the appointment of a new chief executive officer (CEO) to drive further progress on its key strategic priorities and to transform the business for the future to address the rapidly-evolving healthcare sector.”
Pessina will remain as executive chairman at Walgreens
“The board of directors will begin a search for a new CEO, and at the time of this appointment, Pessina will assume the role of executive chairman and James (Jim) Skinner will step down as executive chairman but remain on the board to facilitate a smooth leadership transition,” Walgreens said.
Walgreens said: “Stefano Pessina has decided to step down as CEO.”
Walgreens further said: “Mr. Stefano Pessina, the Executive Vice Chairman and Chief Executive Officer of Walgreens Boots Alliance, Inc. (the “Company”) has informed the Company of his decision to step down from the role of Chief Executive Officer of the Company. As a result, the Company will commence a search for a successor to Mr. Pessina as Chief Executive Officer, with Mr. Pessina continuing to serve as Executive Vice Chairman and Chief Executive Officer until a new Chief Executive Officer takes office.”
Share price decline
The announcement follows a decline in Walgreens Boots Alliance Inc.’s share price of 31% since January 2020.
In the position of CEO since 2015
Stefano Pessina became CEO of the Company in 2015.
His bio reads as follows:
Walgreens Boots Alliance, Inc.
- Chief Executive Officer (July 2015 – Present)
- Executive Vice Chairman (January 2015 – Present)
- Acting Chief Executive Officer (January 2015 – July 2015)
- Executive Chairman (July 2007 – December 2014)
- Former Executive Deputy Chairman
- Executive Deputy Chairman prior to the merger of Alliance UniChem and Boots Group
- Chief Executive Officer (2001 – December 2004).
Pessina serves on the board of directors of a number of privately-held companies. He served on the board of directors of Galenica AG, a publicly-traded Swiss healthcare group, from 2000 to 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 31.2020 ($).