Stefano Pessina has been named the new CEO of Walgreens Boots Alliance moving him from the interim position to a permanent one.
Pessina, who is a Monaco resident, had led the European-based Alliance Boots as its executive chairman before he put together a deal with Walgreens Co. in the U.S.A.
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As a result, Walgreens Boots Alliance became the biggest competitor for CVS Health Corp. and Rite Aid Corp., who have recently struck up partnerships with Target and UnitedHealth Group Inc. respectively.
Currently, Walgreens Boots Alliance Inc. runs more than 13,200 stores and 350 distribution centres in 11 countries. This widespread influence gives the company great benefit when it comes to negotiating prices for healthcare products and medicine.
In addition to this announcement, Walgreens Boots Alliance declared that it has earned $1.71 billion in its fiscal third quarter. Analysts at Zacks Investment Research forecast an average earning of 87 cents per share.
