Walgreens realigns management roles toward Alliance Boots growth
Deerfield, Ill. — Walgreens announced Tuesday several senior-management shifts intended to capitalize on its new partnership with Swiss drugstore chain Alliance Boots.
CFO Wade Miquelon is assuming an expanded and global leadership role at Walgreens as executive VP/CFO and president, international, leading a newly named Value Creation Services and International Division.
Current senior VP/chief strategy officer Robert Zimmerman will now lead a new Global Mergers and Acquisitions “synergy team” as senior VP international and international chief administration officer. He will also serve on the Alliance Boots board of directors.
Brad Fluegel has joined Walgreens as senior VP and chief strategy officer, charged with leading the company’s project management office and corporate consulting team, as well as work together with Zimmerman on the company’s venture capital efforts.
“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,” Walgreens president and CEO Greg Wasson said.
Rite Aid acquires Town Hill Pharmacy
Dallas — The Transition Cos. announced Tuesday that Rite Aid has acquired Town Hill Pharmacy, effective August 2012. Transition Cos. served as M&A advisor on the transaction.
Town Hill is an independent retail pharmacy in Eastern Kentucky.
Wet Seal shareholder nominates new slate for board
Foothill Ranch, Colo. — The Clinton Group Inc., a 7% shareholder in Wet Seal, made a formal request on Monday to replace most of the retailer’s current board of directors.
Clinton Group said its move is intended to shore up Wet Seal’s performance, which it believes is lacking. In August, the shareholder said it would solicit written consent from other shareholders to remove four of Wet Seal’s board members and replace them, as well as fill one vacant seat. The firm said that it wants to install new independent directors who will maximize Wet Seal’s value.
In a Monday letter to shareholders, Clinton Group reiterated its position that results have been disappointing but the potential still exists for success.
"We believe — and we mean no disrespect by this — that the current board simply does not have the skills set and experience required to expertly manage the strategy of the company or to reliably hire talented managers," Clinton Group senior portfolio manager Joseph A. DePerio said in a letter to shareholders.
The Clinton Group’s board nominees include: Raphael Benaroya, founder of the United Retail Group; Dorrit Bern, former chairman, president and CEO of Charming Shoppes Inc.; Lynda Davey, chairman and CEO of investment bank Avalon Group Ltd. and Avalon Securities Ltd.; Mindy Meads, former president and co-CEO of Aeropostale Inc.; and John Mills, president of consulting firm SDE.