Tim Wentworth Appoints Manmohan Mahajan as Finance Chief of Walgreen
Tim Wentworth, the CEO of Walgreens Boots Alliance, named Manmohan Mahajan as a finance chief and new head of its nascent healthcare division on Thursday as part of his plan to reverse a decline in the stock price.
The pharmacy chain’s stock dropped by 38% in the last year due to reduced demand for COVID products and less spending on personal care items amid consumer concerns about inflation. Manmohan Mahajan, with the company since 2016, has been appointed as the CFO, having served in the role on an interim basis since July 2023. Mahajan led efforts to cut costs, including a $1 billion cost-cutting programme.
Former CFO James Kehoe left in July 2023 to pursue opportunities in the technology sector, followed by CEO Rosalind Brewer in September. Healthcare industry veteran Wentworth was appointed as CEO a month later. Mary Langowski is now heading the U.S. healthcare unit, aiming to break even this year. Langowski, former CEO of Solera Health, has experience at CVS Health. Walgreens’ U.S. healthcare unit, including VillageMD, Shields, and CareCentrix, incurred a $566 million loss in fiscal 2023. The company is diversifying beyond its core business. Recently, Walgreens reduced its dividend payout by almost half to conserve cash.