To execute a strategic partnership with the British/Swiss Alliance Boots health maintenance and drug store operator, Walgreens today announced the establishment of several new senior management roles. The additional management will coordinate between Walgreens and Alliance Boots as they build a newly forged strategic partnership that will create what the companies characterized as the first global pharmacy-led, health and wellbeing enterprise.
Wade Miquelon, Walgreens CFO, will assume an expanded and global leadership role at Walgreens as executive vp/CFO and president, international. Miquelon will lead a newly named value creation services and international division. Miquelon will serve as Walgreens president and CEO Greg Wasson’s senior leader in collaborating with Alliance Boots management to execute the new joint global strategy.
Walgreens also announced that current senior vp/chief strategy officer Robert Zimmerman will lead a new global mergers and acquisitions synergy team as senior vp/ international and international chief administration officer. In essence becoming Walgreens key project leader as regards the Alliance Boots partnership, Zimmerman also will serve on the Alliance Boots board of directors.
In addition, Brad Fluegel joins Walgreens as senior vp and chief strategy officer. Fluegel was executive in residence at Health Evolution Partners and previously served as executive vp and chief strategy and external affairs officer at Wellpoint, Inc., a major health benefits company. Fluegel also will lead the Walgreens project management office and corporate consulting team as well as work together with Zimmerman on the company’s venture capital efforts.
Walgreens took a 45% stake in Alliance Boots this summer and 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 capture those synergies, the company is setting up six global synergy teams in Miquelon’s new organization that will work closely with Alliance Boots management.
To complement Zimmerman’s global mergers and acquisitions team, the global synergy teams will oversee worldwide value creation, global projects, new markets and international expansion, as well as procurement and pharmaceutical development.
“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,” 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.”