Walgreens Boots Alliance has named Tim Wentworth, formerly of Cigna, as its new CEO, effective October 23. Wentworth, an experienced healthcare executive, was the founding CEO of Evernorth at Cigna and previously led Accredo and Express Scripts. He takes over from interim CEO Ginger Graham after the departure of Roz Brewer. Wentworth’s appointment comes at a challenging time for Walgreens, with financial struggles, layoffs, and plans to cut costs. The company aims to recover from a $6.4 billion loss and is set to close approximately 450 stores by 2024 as part of its restructuring efforts.
Walgreens Boots Alliance has chosen its new CEO after a period of interim leadership. Tim Wentworth, formerly an executive at Cigna, will assume the role, commencing on October 23. Wentworth brings a wealth of experience in the healthcare industry, having previously served as CEO of Accredo and leading Express Scripts after its merger with Medco. Notably, he was the founding CEO of Evernorth, Cigna’s health services arm.
In a press release on Wednesday, Wentworth expressed optimism about his tenure at Walgreens, emphasizing the company’s strong pharmacy services and trusted brand. He stated, “I believe in WBA’s vision to be the leading partner in reimagining local healthcare and well-being for all.”
Roz Brewer, the previous CEO and the first African-American woman to lead the company stepped down on August 31. Ginger Graham, who filled the role of interim CEO, will return to her previous position as lead independent director.
Brewer, who also left her seat on the Walgreens board, played a role in the selection of Wentworth as the new CEO. The decision aligns with the board’s search for a leader with deep healthcare expertise, according to WBA Executive Chairman Stefano Pessina.
Pessina expressed confidence in Wentworth, describing him as an accomplished and respected leader with extensive experience in the payer and pharmacy sectors. He believes Wentworth is the right person to guide Walgreens Boots Alliance into its next phase of customer-centric healthcare growth.
Walgreens Boots Alliance, which oversees various healthcare retailers including Duane Reade and the No. 7 Beauty Co., will see Wentworth leading over 13,000 locations in nine countries across all its holdings.
Wentworth takes the helm at a challenging time, with the company grappling with financial difficulties, including layoffs and substantial charges related to opioid settlements. The company recently announced plans to cut internal costs by up to $4.1 billion and close approximately 450 stores by fall 2024, to rebound from a $6.4 billion loss in the first nine months of the last fiscal year.
