C-suite shakeups continue at Walgreens
Add CIO to the list of open C-suite positions at Walgreens Boots Alliance.
Hsiao Wang, who had been on a leave of absence, is no longer with the pharmacy and health care services company, according to an internal note viewed by Bloomberg. Wang joined Walgreens in August 2022 from The Michaels Company, where, as executive VP and CIO, he oversaw product development, engineering and operations for all technology functions. Before that, Wang spent 16 years at Walmart.
Neal Sample, a consultant and former CIO at Northwestern Mutual, will step in to help interim chief executive Ginger Graham make decisions about new tech initiatives, the report said. Sample previously served as CIO and COO of pharmacy benefit manager Express Scripts, now part of health insurer Cigna,
Wang’s departure comes about one month after the exit of Rosalind Brewer as Walgreens CEO. In announcing her departure, the company said that Brewer would continue to advise the company while it searches for a new CEO with "deep healthcare experience." Among the candidates being considered for the job, according to a report by Bloomberg, is former Cigna executive Tim Wentworth.
In July, Walgreens CFO James Kehoe left after five years with the company. Manmohan Mahajan, senior VP and global controller, was named as interim global CFO while Walgreens conducts a search to fill the role with a leader “who not only brings deep financial acumen to WBA, but also healthcare experience.”
The leadership shakeup comes as Walgreens continues to broaden its reach into health care. The company invested $5.2 billion to obtain a majority stake in value-based primary care provider VillageMD in 2021. In November 2022, VillageMD agreed to buy to buy Summit Health-CityMD in a deal valued at approximately $8.9 billion. As part of the deal, Walgreens will invest $3.5 billion through an even mix of debt and equity.
In addition to CityMD urgent care centers, Summit Health operates independent physician-run medical groups.
Walgreens has 13,000 locations across the U.S., Europe and Latin America.