Walgreens Boots Alliance has named Tim Wentworth as the company’s new CEO, starting Oct. 23.
Wentworth is the former CEO of the nation’s largest pharmacy benefits management company, Express Scripts, which was acquired by Cigna in 2018. He remained as chief of Cigna’s health services, before retiring at the end of 2021.
Walgreens’ board has said they were going to hire an executive with deep health experience who could rein in all of its new services, per a CNBC report.
“What made me decide to come back was a chance to lead this iconic brand and company at a time when it’s not in a steady state,” Wentworth told CNBC. “It’s a massive platform...they touch almost 10 million people a day.”
[Read more: Walgreens Boots Alliance reportedly considering former Cigna executive Tim Wentworth for CEO
Wentworth's appointment follows Walgreens' announcement on Sept. 1 that Roz Brewer was resigning as CEO. During Brewer's tenure, Walgreens took a major stake in primary care provider VillageMD, acquired specialty pharmacy provider Shields Health, as well as homecare provider CareCentrix.
“I came from one of the great efficiency companies at Express Scripts — I mean, we were built to drive out waste from health care and and we looked at everything through that lens. And that has to do by starting with our own cost structure, and there’s no question inside this company that’s every bit as important,” Wentworth said, per the report.
The report also provided the following statement from Walgreens’ executive chairman Stefano Pessina, calling Wentworth “ an accomplished and respected leader with profound expertise in the payer and pharmacy space as well as supply chain, IT and Human Resources. We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company.
Following these reports, Walgreens issued a press release, which provided the following details of Wentworth's background and experience: Most recently, as founding CEO of Evernorth, Cigna’s health services organization that partners with health plans, employers and government organizations, Wentworth brought together health service capabilities including care provision, pharmacy solutions and benefits management. Prior to Cigna, Wentworth was CEO of Express Scripts, the largest pharmacy benefit manager in the United States, following the company's merger with Medco Health Solutions in April 2012. He grew it into a Fortune 22 company with more than $100 billion in revenue and 26,000 employees, also ranking number 66 on Forbes Magazine’s list of the World’s Most Innovative Companies.
Previously, he led Medco's employer and key accounts organizations for nearly 14 years, also serving as president and CEO of Accredo, Medco's specialty pharmacy. Prior to joining Medco, Wentworth spent five years at Mary Kay, where he initially served as senior vice president of human resources and later, president of its international business. He also held roles of increasing responsibility over nine years in human resources management at PepsiCo. He has an associate's degree in business from Monroe Community College and a bachelor's degree in industrial and labor relations from Cornell University.
[Read more: Walgreens Boots Alliance’s Rosalind Brewer steps down as CEO]
Walgreens went on to say that Wentworth joins WBA at a pivotal time, as the company focuses on right-sizing the business, while driving execution and creating greater value for employees, patients, customers and shareholders. "WBA’s goal is to be the independent partner of choice, not just in pharmacy but also in healthcare services where it can improve healthcare, lower costs, and help patients," the company said.
“The WBA Board has been focused on bringing in a CEO with deep healthcare experience, and we are pleased to welcome Tim Wentworth as the company’s new CEO. He is an accomplished and respected leader with profound expertise in the payer and pharmacy space as well as supply chain, IT and Human Resources. We are confident he is the right person to lead WBA’s next phase of growth into a customer-centric healthcare company,” said Pessina. “I look forward to working with Tim, as well as the rest of the Board and WBA leadership, to lead WBA into a successful future. I also want to thank Ginger Graham for her leadership and immense commitment to our people and operations during this interim period. We look forward to welcoming her back as the Board’s Lead Independent Director.”
“I am honored and excited for the incredible opportunity to lead the next phase of WBA’s evolution, working with the Board and WBA leadership to deliver sustainable value and results. WBA has a differentiated model with the power to build on the company’s pharmacy strength and trusted brand to evolve healthcare delivery. I believe in WBA’s vision to be the leading partner in reimagining local healthcare and well-being for all,” said Wentworth.
Wentworth continued, “I’ve spent my career working to improve the health of the patients we’ve served. I believe WBA is well-positioned to deliver more personalized, coordinated care, and achieve better outcomes at a lower cost. I fully recognize the challenges that health plans, healthcare providers, pharmacies, and retailers are confronting today and am confident that WBA, and its customer- and patient-focused teams, can seize the opportunities of a dynamic marketplace and be the partner of choice.”
This article has been updated.