Walgreens Boots Alliance (WBA), now privately owned following its March 2025 $10 billion acquisition by Sycamore Partners, has named Mike Motz as its new CEO, effective immediately. Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in Walgreens, showing their confidence in the pharmacy retailer’s future.
Motz was formerly CEO of Staples U.S. Retail, part of the Sycamore portfolio; prior to that, he was President of Canadian pharmacy chain Shoppers Drug Mart. Motz replaces Tim Wentworth, who will continue to serve as a company director. John Lederer, a former WBA director and a Senior Advisor to Sycamore, has been named Executive Chairman of Walgreens.
“We are pleased to have closed this momentous transaction with an outstanding brand that has been a cornerstone of American communities for nearly 125 years,” said Stefan Kaluzny, Managing Director of Sycamore in a statement. “Walgreens benefits millions of Americans, and I am confident that, enhanced by the flexibility of operating as a private standalone organization, it can move with certainty, speed and focus to deliver meaningful value to its customers.”
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