Walgreens taps Cigna exec Tim Wentworth as its next CEO

After several weeks under interim leadership, Walgreens Boots Alliance has named Tim Wentworth as CEO.

Wentworth will lead the Deerfield-based retail pharmacy chain starting Oct. 23.

The founding CEO of Evernorth — the health services arm of insurance giant Cigna — Wentworth has an extensive resume in the business of health. He previously served as CEO of Accredo, the pharmacy arm of Medco, then led and expanded Express Scripts following its merger with Medco.

In a Wednesday news release, Wentworth expressed high hopes for his time at WBA, focusing on the company’s “pharmacy strength and trusted brand.”

”I believe in WBA’s vision to be the leading partner in reimagining local healthcare and well-being for all,” Wentworth said in the release.

Previous CEO Rosalind “Roz” Brewer, the first African American and first woman to lead the company, stepped down Aug. 31.

Ginger Graham, who has served as interim CEO since then, will return to her previous role as lead independent director. Graham was previously CEO of Amylin Pharmaceuticals and has sat on the Walgreens board of directors for 13 years.

Brewer, who also vacated her seat on the Walgreens board, advised the Walgreens search committee in appointing Wentworth.

WBA Executive Chairman Stefano Pessina said in the Wednesday release that the board had been seeking a new CEO with “deep healthcare experience.”

”(Wentworth) is an accomplished and respected leader with profound expertise in the payer and pharmacy space,” Pessina said. “We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company.”

Walgreens Boots Alliance also oversees health care retailers including Duane Reade and the No. 7 Beauty Co. Starting Oct. 23, Wentworth will lead more than 13,000 locations in nine countries across all WBA holdings.

With his new role, Wentworth inherits the aftershocks of several troubled fiscal quarters, including widespread downsizing and $5.4 billion in charges related to opioid settlements.

In May, the company announced layoffs of 10% of its corporate staff, or about 500 people, mostly from Walgreens’ Chicago and Deerfield offices. Walgreens also plans to close down a distribution plant in Edwardsville, cutting 393 jobs, the Tribune previously reported.

Wentworth will also take on a plan announced by WBA to save up to $4.1 billion by cutting up to 17% of internal costs. The company reported a $6.4 billion loss in the first nine months of the most recent fiscal year, which ended Oct. 1.

Walgreens leaders have also announced plans to close up to 450 stores — 150 in the United States and 300 in the United Kingdom — by fall 2024.

Originally Published: Oct 11, 2023 at 10:05 am