Table of Contents
DEERFIELD, Ill. — Stefano Pessina, the Italian billionaire who reinforced his reputation as a shrewd deal maker in helping steer the merger of the largest drug store chains in Europe and the United States, has cemented his position at the helm of the combined company.
Stefano Pessina, the Italian billionaire who reinforced his reputation as a shrewd deal maker in helping steer the merger of the largest drug store chains in Europe and the United States, has cemented his position at the helm of the combined company.
Walgreens Boots Alliance Inc. (WBA) on July 9 named Pessina chief executive officer, a position he had held on an acting basis since Greg Wasson unexpectedly retired late last year, shortly before Walgreens shareholders were due to vote on the acquisition of Switzerland-based Alliance Boots. The 73-year-old Pessina is also WBA’s largest shareholder, with a 16% stake.
James Skinner, WBA’s executive chairman, said in a statement that Pessina was picked on the strength of his handling of the merger to date: "In order to continue this momentum and to recognize the progress that is already being made, the board concluded Stefano is the very best person to achieve our vision to be a truly global health care champion, the first choice for pharmacy, health care and well-being across the world."
As CEO, Pessina will have full responsibility for the performance of a sprawling and complex company that faces challenges on several fronts as well as opportunities to leverage its scope and scale in service of its multinational vision.
Pessina said on a conference call that the company has reaped the benefits of strict cost control earlier than it expected. On July 9, Walgreens posted a profit of $1.3 billion in the three months through May 31, compared with $714 million in last year’s fiscal third quarter.