Walgreens (NYSE: WAG) (Nasdaq: WAG) today announced that Greg Wasson,
president and chief executive officer, has informed the company’s board
of directors that he will retire shortly after the close of the second
step of the Alliance Boots transaction, on which shareholders are
scheduled to vote on Dec. 29, 2014. Following the transaction close and
Wasson’s retirement, Walgreens Chairman James Skinner will become
Walgreens Boots Alliance’s executive chairman, and Stefano Pessina,
executive chairman of Alliance Boots and a member of the Walgreens board
of directors, will serve as its acting CEO, pending a board search for a
successor. In addition, William Foote will serve as the lead independent
director of the Walgreens Boots Alliance board of directors.
“When I became CEO six years ago, I had three goals – to transform the
front end of Walgreens drugstores, to advance the role that community
pharmacy plays in health care and to find the right partner to take
Walgreens global,” Wasson said. “With the creation of Walgreens Boots
Alliance, it is now time for new leadership to move that vision forward
building on the global platform we have created, executing on the
company’s many opportunities and creating long-term sustainable value
for our customers and shareholders. I could not be more proud of our
company or more grateful for the opportunities I have had to work with
so many incredible people since joining Walgreens over 35 years ago, and
I am committed to doing my best to achieve the smoothest possible
leadership transition.”
Said Skinner, “Greg Wasson has been an excellent, visionary CEO, and the
personification of Walgreens best qualities since he joined the company
35 years ago. On becoming CEO in 2009, at a challenging time for all
retailers, Greg led the company through a remarkable transformation,
including establishing Walgreens as a vital partner in the delivery of
modern community health care to U.S. consumers and taking the company
global with Alliance Boots. During his tenure, he helped the company
deliver total shareholder returns exceeding the S&P 500 and generating
more free cash flow over six years than in the previous 98 years
combined. The company is positioned for a great future. On behalf of the
board, I thank Greg for all he has done for Walgreens, for his
commitment to seeing us through the Alliance Boots close and for his
dedication to always putting the company first.”
Pessina said, “The completion of the merger between Walgreens and
Alliance Boots and the establishment of the first global pharmacy-led,
health and wellbeing enterprise, are a fitting tribute to Greg’s
exceptional leadership and legacy at Walgreens. Through his strategic
vision, Greg has done more than transform an iconic company – he has
truly helped to change an entire industry for generations to come. I
look forward to working with James Skinner and all the leaders of the
future enterprise when we launch the combined group.”
Wasson joined Walgreens in 1980 as a pharmacy intern while still at
Purdue University’s School of Pharmacy. Over several years, he moved
from managing pharmacies in Houston to become regional vice president of
store operations. From there he took on various executive roles in the
Walgreens Health Initiatives division, leading to his promotion to chief
operating officer and ultimately to chief executive officer. On becoming
CEO, Wasson focused immediately on tackling retail pharmacy’s
challenges, from the severe economic recession, to the rapid
commoditization of retail consumer sales and pharmacy services, to
rising drug prices and mounting reimbursement pressures. He launched
“Walgreens Plan to Win,” a blueprint designed to revive and reinvent
Walgreens for the new era. “Plan to Win” transitioned the company from a
program of rapid organic store openings to a strategy leveraging core
businesses to improve the customer experience and return the company to
strong double-digit earnings growth and top-tier shareholder returns.
The company crystallized around three strategic growth drivers: creating
a Well Experience, advancing the role of community pharmacy in health
care and establishing the most efficient global platform. In 2010, he
led the acquisition of Duane Reade and, in 2012, identified the
opportunity to begin the process of the strategic partnership with
Alliance Boots.
In addition to Walgreens, Wasson is on the boards of Alliance Boots
GmbH, AmerisourceBergen and Verizon.
About Walgreens
As the nation's largest drugstore chain with fiscal 2014 sales of $76
billion, Walgreens (www.walgreens.com)
vision is to be America’s most loved pharmacy-led health, wellbeing and
beauty enterprise. Each day, in communities across America, more than 8
million customers interact with Walgreens using the most convenient,
multichannel access to consumer goods and services and trusted,
cost-effective pharmacy, health and wellness services and advice.
Walgreens scope of pharmacy services includes retail, specialty,
infusion, medical facility and mail service, along with online and
mobile services. These services improve health outcomes and lower costs
for payers including employers, managed care organizations, health
systems, pharmacy benefit managers and the public sector. The company
operates 8,229 drugstores with a presence in all 50 states, the District
of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens digital
business includes Walgreens.com, drugstore.com, Beauty.com,
SkinStore.com and VisionDirect.com. Walgreens also manages more than 400
Healthcare Clinic and provider practice locations around the country.
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: Statements in this
release that are not historical are forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as "expect," “likely,”
"outlook," “forecast,” "would," "could," "should," “can,” “will,”
"project," "intend," "plan," "goal,” “target,” “continue," "sustain,"
“synergy,” "on track," "believe," "seek," "estimate," "anticipate,"
"may," “possible,” "assume," and variations of such words and similar
expressions are intended to identify such forward-looking statements.
These forward-looking statements are not guarantees of future
performance and involve risks, assumptions and uncertainties, including,
but not limited to, those described in Item 1A (Risk Factors) of our
most recent Annual Report on Form 10-K, as amended, which is
incorporated herein by reference, and in other documents that we file or
furnish with the Securities and Exchange Commission. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those indicated or anticipated by such forward-looking statements.
Accordingly, you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they are
made. Except to the extent required by law, Walgreens does not
undertake, and expressly disclaims, any duty or obligation to update
publicly any forward-looking statement after the date of this release,
whether as a result of new information, future events, changes in
assumptions or otherwise.
Important Information for Investors and Shareholders
In connection with the proposed transactions between Walgreens and
Alliance Boots GmbH, Walgreens Boots Alliance, Inc. (“WBA”) has filed
with the SEC a registration statement on Form S-4 and two amendments
thereto, as well as a definitive prospectus of WBA and a definitive
proxy statement of Walgreens in connection with the proposed
transactions. The registration statement, as amended, was declared
effective by the Securities and Exchange Commission (the “SEC”) on
November 24, 2014, and the definitive proxy statement/prospectus was
mailed to Walgreens’ shareholders on or about November 24, 2014. INVESTORS
AND SECURITY HOLDERS OF WALGREENS ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO)
AND OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT HAVE BEEN OR WILL
BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS.
Investors and security holders will be able to obtain free copies of the
registration statement and the definitive proxy statement/prospectus and
other documents filed with the SEC by Walgreens or WBA through the
website maintained by the SEC at www.sec.gov.
Copies of the documents filed with the SEC by Walgreens or WBA will be
available free of charge on Walgreens’ internet website at www.walgreens.com
under the heading “Investor Relations” and then under the heading “SEC
Filings” or by contacting Walgreens’ Investor Relations Department at
(847) 315-2361.
Participants in the Solicitation
Walgreens, Alliance Boots GmbH, WBA and their respective directors,
executive officers and certain other members of management and employees
may be deemed to be participants in the solicitation of proxies from the
holders of Walgreens common stock in respect of the proposed
transactions. You can find information about Walgreens’ directors and
executive officers in Walgreens’ Annual Report on Form 10-K for the year
ended August 31, 2014, as amended. Additional information regarding the
persons who are, under the rules of the SEC, participants in the
solicitation of proxies in favor of the proposed transactions is set
forth in the definitive proxy statement/prospectus. You can obtain free
copies of these documents, which are filed with the SEC, from Walgreens
using the contact information above.
Copyright Business Wire 2014