DEERFIELD, Ill. — Walgreens Co. announced it has officially transitioned to a private, standalone company following its acquisition by New York–based private equity firm Sycamore Partners. The move marks a significant shift for one of America’s most recognizable retail pharmacy chains.
As part of the change, Mike Motz, former CEO of Staples US Retail and past president of Shoppers Drug Mart, has been appointed Chief Executive Officer of Walgreens. He succeeds Tim Wentworth, who will remain on the board as a director. John Lederer, a former director and senior advisor to Walgreens Boots Alliance and Sycamore, will serve as executive chairman.
The acquisition was completed in partnership with Walgreens executive chairman Stefano Pessina and his family, who reinvested 100% of their interests in the company. Pessina said the reinvestment reflects his “strong belief” in the company’s future.
“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. My family and I are pleased to support its continued evolution as we embark on this next chapter. I want to thank the leadership team for stabilizing the business and providing a strong foundation upon which we will build to reach new heights. Walgreens has a very bright future in partnership with Sycamore,” Pessina said.
Motz signaled that the shift to private ownership will enable Walgreens to strengthen its core retail and pharmacy operations further. “As a private organization, alongside our dedicated team members, 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,” he said.
Stefan Kaluzny, Managing Director of Sycamore, said, “We are pleased to have closed this momentous transaction with an outstanding brand that has been a cornerstone of American communities for nearly 125 years. Walgreens benefits millions of Americans, and I am confident that, enhanced by the flexibility of operating as a private standalone organization, it can move with certainty, speed and focus to deliver meaningful value to its customers.”
Founded in 1901, Walgreens operates about 8,500 stores across the U.S. and Puerto Rico, serving nearly 9 million customers daily. The company employs about 220,000 people, including nearly 90,000 healthcare service providers.
