Walgreens Announces New Management Roles To Advance Execution of Global Strategic Partnership with Alliance Boots
Executive Vice President/Chief Financial Officer Wade Miquelon adds broader, global role as President, International, leading company's collaboration with Alliance Boots
Robert Zimmerman, current Chief Strategy Officer, will lead new Global Mergers and Acquisition Group as Senior Vice President of International
Former WellPoint and Aetna senior executive Brad Fluegel to join Walgreens as new Chief Strategy Officer
Company establishes new "global synergy" teams with Alliance Boots to realize $100-$150 million in synergies expected from the strategic partnership in first year, $1 billion by 2016
DEERFIELD, Ill.--(BUSINESS WIRE)-- Walgreens (NYS: WAG) (NAS: WAG) today announced several new senior management roles as the company works closely with Alliance Boots to execute the companies' strategic partnership to create the first global pharmacy-led, health and wellbeing enterprise.
"These new roles will allow us to move forward aggressively, working closely together with Alliance Boots, to implement our strategic partnership and realize the extensive synergies from the acquisition, as well as accelerate our core growth strategies to achieve our purpose to help people get, stay and live well," Walgreens President and Chief Executive Officer Greg Wasson said. "The changes also reflect Walgreens high level of confidence in our senior management team, with a mix of internally and externally developed talent, to execute the strategic partnership with Alliance Boots and major initiatives across the company efficiently and effectively."
On June 19, 2012, Walgreens and Alliance Boots, the leading international pharmacy-led health and beauty group, announced that they had entered into a strategic transaction designed to bring together the strengths and expertise of both companies to create the first global pharmacy-led, health and wellbeing enterprise. On Aug. 2, 2012, Walgreens announced the completion of its initial investment in the strategic partnership following receipt of all required regulatory approvals.
With today's announcement, Wade Miquelon is assuming an expanded and global leadership role at Walgreens as Executive Vice President/Chief Financial Officer and President, International, leading a newly named Value Creation Services and International Division. As he continues to lead Walgreens finance functions as Chief Financial Officer, Miquelon will now serve as Wasson's senior leader in collaborating with Alliance Boots management team to execute the new global strategic partnership.
"Wade's extensive international experience, and the central role he played in bringing our companies together, gives him both the experience and expertise to lead our efforts in working closely with Alliance Boots to create the first global pharmacy-led health and wellbeing enterprise as he also continues to lead our finance team as Chief Financial Officer," Wasson said.
The company also announced that current Senior Vice President/Chief Strategy Officer Robert Zimmerman will now lead a new Global Mergers and Acquisitions "synergy team" as Senior Vice President of International and International Chief Administration Officer. In his new role as Walgreens key project leader on the Alliance Boots partnership, Zimmerman will also serve on the Alliance Boots board of directors.
"As our chief strategy officer for several years, Bob has been critical in helping us to evolve our core growth strategies, which is why I've asked him to take on this role heavily focused on ensuring we execute with excellence on this transformative and critical transaction," Wasson said.
Joining the company as Senior Vice President and Chief Strategy Officer is Brad Fluegel. Before coming to Walgreens, Fluegel was Executive in Residence at Health Evolution Partners, and previously served as Executive Vice President and Chief Strategy and External Affairs Officer of Wellpoint, Inc., one of the nation's largest health benefits company, where he was responsible for long-term strategic planning, government affairs, corporate communications including public relations, corporate development, international expansion, innovation and new business ventures. In addition to serving as Walgreens Chief Strategy Officer, Fluegel also will lead the company's project management office and corporate consulting team, as well as work together with Zimmerman on the company's venture capital efforts.
Prior to Wellpoint, Fluegel was Senior Vice President, National Accounts and Vice President, Enterprise Strategy of Aetna, Inc., where he was responsible for developing and executing national accounts strategies that expanded Aetna's position as a leader in the large employer market. He has led health care consulting firms, and served on boards of a variety of health care technology and services companies and non-profit organizations.
"Brad's wealth of strategic experience and expertise is perfect - and will be vital - as we accelerate our strategy to advance community pharmacy, and we are excited to have him on the team," Wasson said.
As part of the Alliance Boots announcement in June, Walgreens stated that it expects combined synergies across both companies of between $100 million and $150 million in the first year and $1 billion by the end of 2016. To carry out a focused effort to capture those synergies, the company is setting up six new "global synergy teams" in Miquelon's new organization that will work closely with Alliance Boots.
In addition to Zimmerman's global mergers and acquisitions team, the additional global synergy teams will oversee global value creation, global projects, new markets and international expansion, and procurement and pharmaceutical development.
As the nation's largest drugstore chain with fiscal 2011 sales of $72 billion, Walgreens vision is to become America's first choice for health and daily living. Each day, Walgreens provides nearly 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health out-comes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 7,929 drugstores in all 50 states, the District of Columbia and Puerto Rico. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.
KEYWORDS: United States North America Illinois New York
The article Walgreens Announces New Management Roles To Advance Execution of Global Strategic Partnership with Alliance Boots originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.