Head of Boots pharmacy chain reportedly will depart as Walgreens struggles
Head of Boots pharmacy chain reportedly will depart as Walgreens struggles
The head of British pharmacy chain Boots is stepping down, according to multiple reports, amid turmoil for parent company Walgreens Boots Alliance Inc.
Sky News and Reuters reported that Sebastian James will leave his post as Boots managing director in November, after plans to sell Boots or publicly list its stock have stalled.
Walgreens Boots Alliance did not immediately respond when asked for comment Sunday.
On Thursday, Walgreens stock plunged 25% to a 27-year-low, after the drugstore chain’s quarterly profit fell short of expectations and its earnings outlook was lowered. The company plans to close thousands of underperforming stores as part of a plan to cut costs by $1 billion this year. Walgreens also said it had no plans to sell Boots — whose recent sales growth is one of the company’s bright spots — but would continue to invest in it.
“We continue to face a difficult operating environment,” Chief Executive Tim Wentworth said in a statement Thursday.
James was named managing director of Boots in 2018. Sky News reported he would join a healthcare company, and that an official announcement is expected in the coming days.
Shares of Walgreens Boots Alliance have sunk more than 53% year to date, compared with the S&P 500’s 14.5% gain.