Investing.com -- Walgreen Co. is now operating as a private standalone company following its acquisition by Sycamore Partners, the company announced Thursday.
The acquisition closed today with Sycamore partnering with Stefano Pessina and his family, who reinvested 100% of their interests in Walgreens, showing their continued support for the company’s future.
As part of the transition, Mike Motz has been appointed Chief Executive Officer of Walgreens, effective immediately. Motz previously served as CEO of Staples US Retail, another Sycamore portfolio company, and before that was President of Shoppers Drug Mart, Canada’s leading pharmacy chain.
Motz replaces Tim Wentworth, who will remain as a Director. John Lederer, a former director of Walgreens Boots Alliance, Inc. (WBA) and Senior Advisor to Sycamore, has been named Executive Chairman.
"As a private organization, we are renewing our focus on our core pharmacy and retail platform, our stores and our customer experience—building on the progress that’s been made," said Motz.
Stefan Kaluzny, Managing Director of Sycamore, expressed confidence that Walgreens will "move with certainty, speed and focus to deliver meaningful value to its customers" as a private company.
Pessina added, "Walgreens is an incredible brand, with loyal customers around the country. I believe strongly in the business and its significant impact on the communities it serves."
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