Walgreens to lose Boots chief amid uncertainty over spinoff plans
The chief executive of British health and beauty retailer, Boots is set to leave the company after its U.S. owner, Walgreens Boots Alliance (NASDAQ:WBA), wavered on a potential sale or a stock market listing of the unit, according to sources.
Sebastian James, who has led Boots since 2018, will leave the company in November for a new role in the healthcare industry, Sky News reported on Saturday, citing sources.
An announcement about his resignation is expected in the coming days, and Walgreens (WBA) is believed to have not yet finalized his replacement.
Boots UK, Britain’s biggest high-street pharmacy chain, was among the outperformers in the WBA's recent Q3 FY24 earnings results, which, however, failed to impress Wall Street and sent its stock to a multi-year low on Thursday.
While the company’s U.S. comparable retail and pharmacy sales for the quarter rose 3.5% YoY and 5.7% YoY, Boots witnessed its comparable retail and pharmacy sales increasing 6.0% YoY and 5.8% YoY on a constant currency basis, respectively.
During the earnings call, Walgreens (WBA) CEO Tim Wentworth said that the company will continue to invest in Boots U.K. “and find innovative ways for this business to fulfill its potential.”