An Italian billionaire has been named as the new permanent CEO of the giant global drug store chain Walgreens. Forbes reports that Stefano Pessina has agreed to become CEO of Walgreens Boots Alliance. Pessina ran the European drug store chain Alliance Boots up until its merger in 2014 with Walgreens.
“The 73-year-old Pessina, who is the largest individual shareholder of Walgreens Boots Alliance, has been the interim CEO of the company since December,” Forbes notes. “He took over as ‘Acting CEO’ and Executive Chairman after the retirement of Greg Wasson. Pessina said in April that he has just less than 140 million Walgreens shares.”
Pessina is said to be an advocate of consolidation, especially in the U.S., advocating cost reduction and shifting to a global strategy.