RICHARD Baker, chief executive at AllianceBoots since joining from Asda in 2003, has today quit the healthcare giant as the company’s new private equity owners announced a management overhaul.
The departure comes in the wake of the £11.1 billion takeover of the group by Kohlberg Kravis Roberts and the firm’s own deputy chairman, Stefano Pessina, which made the firm the first FTSE-100 company to fall into private equity ownership.
It is
thought that there are no plans to replace Mr Baker as Mr Pessina is set to take on a new role as executive chairman of the newly-private company.
Mr Baker, who oversaw Boots’ £7bn merger with AllianceUnichem last year, made a reported £6.5 million through the recent sale of AllianceBoots and is in line for a bumper pay package on leaving the group.
Mr Pessina said: “We are grateful to Richard Baker for all he has done in leading the Alliance Boots group through its merger.”
Also leaving is Boots The Chemist managing director Scott Wheway, to be replaced by healthcare director Alex Gourlay.
As executive chairman, Mr Pessina will be responsible for the company’s strategy and his new board includes KKR partner Dominic Murphy as one of three representatives of the private equity firm.
The new owners plan to increase investment in existing stores and expand the group’s store portfolio.
The combined company already boasts about 2,600 pharmacies in the UK and a wholesale network of about 380 depots, but Mr Pessina and KKR have said growth plans include potential acquisitions in Europe and emerging markets such as Latin America and Asia.
Alliance Boots employs about 65,000 staff in the UK and 100,000 people worldwide.
The full article contains 293 words and appears in Edinburgh Evening News newspaper.
