Walgreens, a U.S. retail pharmacy chain, announced that it will operate as an independent private company after being acquired by New York-based private equity firm Sycamore Partners. The transaction was completed in partnership with Stefano Pessina and his family, who have fully reinvested their interests in the company.
As part of the leadership transition, Mike Motz has been appointed Chief Executive Officer, bringing extensive experience from his prior roles at Staples U.S. Retail and Shoppers Drug Mart. Motz succeeds Tim Wentworth, who will remain on the board, while John Lederer has been named Executive Chairman.
In a statement, Motz said, “Today represents an exciting new chapter and a turning point for Walgreens. 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.”
Stefan Kaluzny, Managing Director of Sycamore, emphasized the long-standing community impact of Walgreens, saying, “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.” Stefano Pessina also expressed strong confidence in the future of the business, reaffirming his family’s commitment and support for the company’s next chapter
