Walgreens names pharma vet CEO as it goes private

Deerfield, Ill.-based Walgreen has appointed Mike Motz as CEO, effective Aug. 28, as the company transitions into a private standalone organization.

Mr. Motz previously served as CEO of Staples US Retail and was president of Shoppers Drug Mart, the largest pharmacy chain in Canada. He replaces Tim Wentworth, who will remain on the company’s board. John Lederer, a former Walgreens Boots Alliance director and senior advisor to Sycamore, was named executive chairman of Walgreens.

Walgreens began operating independently following its recently closed acquisition by Sycamore Partners, a New York-based private equity firm. Sycamore partnered with Stefano Pessina and his family, who reinvested 100% of their interests back into the company.

Walgreens serves nearly 9 million customers and patients daily across approximately 8,500 stores in the U.S. and Puerto Rico. The company has about 220,000 team members, including nearly 90,000 healthcare service providers.

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