© Reuters. FILE PHOTO: Pigeons are seen resting on signage for Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -U.S. pharmacy chain operator Walgreens Boots Alliance (NASDAQ:) on Tuesday said it has appointed Tim Wentworth as its new chief executive and he will assume the role on Oct. 23.
Last month, Rosalind Brewer had abruptly stepped down as CEO of the company after less than three years at the top job.
Brewer’s departure was part of a mutually agreed decision, Walgreens had said, without providing further details, after a tenure that saw Walgreens’ share price nearly halve in value as the company tried to broaden its reach as a healthcare provider.
Wentworth, who was CEO of Cigna (NYSE:)’s Evernorth unit till he retired in 2021, will also join the WBA Board of Directors.
“I believe WBA is well-positioned to deliver more personalized, coordinated care, and achieve better outcomes at a lower cost”, Wentworth said in a statement.
Walgreens, which lost market share to rivals Rite Aid (NYSE:) and CVS Health (NYSE:) after closing several stores during the pandemic, is aiming to regain it by the end of fiscal 2023 by reducing pay gap and increasing automation at fulfillment centers.
Walgreens has been looking to expand beyond its core business, with acquisitions of healthcare services operator VillageMD and urgent-care provider Summit Health.
In the third quarter, Walgreens reported a 0.2% fall in same-store sales at its retail division, compared with estimates of a 2.1% rise, mainly due to lower COVID testing and sluggish demand for cough and cold medicines.
