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Walgreens names Jana Partners exec to board


Deerfield, Ill. - Walgreens has named Barry Rosenstein, founder and managing partner of New York City-based hedge fund Jana Partners LLC, to its board of directors. The company is expanding its board it continues moving forward to complete its merger with Alliance Boots GmbH.

Jana is an event-driven hedge fund with in excess of $11 billion in investments and commitments. According to the Wall Street Journal, Rosenstein will focus on areas including reducing expenses and updating product assortment, and will also suggest improvements to Walgreens’ investment plans.

In connection with Rosenstein’s election, Walgreens entered into a Nomination and Support Agreement with Jana Partners, which, among other things, provides for the appointment of an additional independent director recommended by Jana and agreed to by Walgreens. In addition, if there is a vacancy which the Walgreens board chooses to fill during the term of the agreement, the replacement director will be mutually agreed to by the company and Jana.

Walgreens also announced that it plans to hold an investor day shortly after the consummation of the Alliance Boots merger to give investors greater insight into the company’s financial outlook, business strategy and capital structure. Details will be provided to investors closer to the date of the merger.

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