- Fairweather previously served as group finance director of Alliance Boots
- McLevish served a critical transitional role advancing the global merger establishing Walgreens Boots Alliance
- McLevish to work with Fairweather on the smooth transition to a combined U.S.-global financial operation
DEERFIELD, Ill.--Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced the appointment of George Fairweather, formerly group finance director of Alliance Boots, as executive vice president and global chief financial officer, effective 20 February 2015.
Fairweather will succeed Timothy McLevish, who served as Walgreens chief financial officer since August 2014, where he advanced the company’s completion of its merger with Alliance Boots to form Walgreens Boots Alliance and served as the initial global chief financial officer of the combined companies.
Importantly, McLevish will continue his service to Walgreens Boots Alliance as senior advisor to the chief executive officer for finance, integration and business development. In this role, McLevish will work closely with acting chief executive officer Stefano Pessina and Fairweather to assist in the ongoing integration of the financial teams, the company’s cost-reduction program and business development for the future enterprise.
Fairweather was group finance director of Alliance Boots since its formation in July 2006. He joined Alliance UniChem in the same position in 2002 and later led the financial integration during the merger with Boots Group. Previously Fairweather was group finance director of Elementis (joining when it was Harrisons and Crosfield) and before that, group finance director of Dawson International, both UK-based international groups with a significant U.S. presence. Earlier in his career, Fairweather worked for Dixons Group in the UK and U.S., Procter & Gamble and KPMG Thomson McLintock. He is a member of the Institute of Chartered Accountants of Scotland.
“We welcome George to lead the Walgreens Boots Alliance global finance group as we move forward following our successful merger to create the first international pharmacy-led health, wellbeing and beauty retail enterprise,” said Jim Skinner, Walgreens Boots Alliance executive chairman. “George’s global experience and expertise, and service with Alliance Boots, will ensure an effective transition and the strong financial leadership the future combined enterprise will need going forward.
“As we thank Tim for his exceptional leadership, performance and results in driving the merger to completion and leading the financial team during this pivotal period for the company, we also appreciate that he will continue his service to Walgreens Boots Alliance in a senior advisory role. Tim’s exceptional experience in U.S. as well as global financial operations will be critical as we bring our two companies and finance teams together.”
Pessina said, “My years of working and collaborating with George as he led Alliance Boots’ financial organization give me every confidence that he will step into the global role for Walgreens Boots Alliance smoothly and effectively as we move ahead with our vision to establish a new global leader for our industry. I also want to personally thank Tim for his outstanding leadership and service during this important transitional time. We are very fortunate to have had two world-class CFOs at the company, and I sincerely appreciate the indispensable role Tim played to enable us to accelerate the close of the merger transaction before the end of 2014.
“Going forward, we are also very grateful that Tim will continue with the company as a senior advisor. Tim’s broad and deep experience as a chief financial officer for American companies with global reach will provide a critically important bridge as George and the team continue to combine and integrate our financial operations.”
McLevish said, “Over the last several months, I have worked extensively with George, and have the utmost respect for him as a leader and confidence in his global experience in retail pharmacy and wholesale. This will provide a strong foundation to allow Walgreens Boots Alliance to realize the great vision of this combined enterprise.
“With another global CFO on our team, I am confident in handing the reins over to George given his expertise and distinctive caliber as a world-class financial leader. I also appreciate the opportunity to have served as Walgreens CFO during its transition to a global company over the past six months – and especially the diligent work of the Walgreens financial group through this historic merger of iconic companies. I look forward to continuing to work with Stefano and the team in an advisory capacity to help merge the financial function into a single, integrated, international operation, as well as advance the company’s cost reduction program and assist with future business development.”
Notes to Editors:
About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise in the world.
The company was created through the combination of Walgreens and Alliance Boots in December 2014, bringing together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health care services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years.
The company employs over 370,000 people and has a presence in more than 25* countries; it is the largest retail pharmacy, health and daily living destination in the USA and Europe. Including its equity method investments, Walgreens Boots Alliance is the global leader in pharmacy-led, health and wellbeing retail with over 12,800* stores in 11* countries. The company includes the largest global pharmaceutical wholesale and distribution network with over 340* distribution centers delivering to more than 180,000† pharmacies, doctors, health centers and hospitals each year in 19* countries. In addition, Walgreens Boots Alliance is the world’s largest purchaser of prescription drugs and many other health and wellbeing products.
Its portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7 and Botanics. More company information is available at www.walgreensbootsalliance.com.
*As at 30 November 2014 including equity method investments on a pro-forma basis
†For year ended 30 November 2014 including equity method investments on a pro-forma basis
Cautionary Note Regarding Forward-Looking Statements: Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "likely," "outlook," "forecast," "would," "could," "should," "can," "will," "project," "intend," "plan," "goal," "target," "continue," "sustain," "synergy," "on track," "believe," "seek," "estimate," "anticipate," "may," "possible," "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, those described in Item 1A (Risk Factors) of the Walgreen Co. most recent Annual Report on Form 10-K, as amended, which is incorporated herein by reference, and in other documents that Walgreen Co. or Walgreens Boots Alliance, Inc. files or furnishes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, we do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Walgreens Boots Alliance, Inc.
USA / Michael Polzin, +1 847 315 2935
International / Laura Vergani, +44 (0)207 980 8585
USA / Ashish Kohli, +1 847 315 3810
UK / Gerald Gradwell, +44 (0)207 980 8527