Walgreens Appoints Barry Rosenstein of JANA Partners LLC to Board of Directors As Company Progresses Toward Alliance Boots Me...
08 September 2014 - 4:00PM
Business Wire
Rosenstein to join Walgreens board immediately;
second new director to follow
Walgreens (NYSE:WAG) (Nasdaq:WAG) today announced the
appointment of Barry Rosenstein and a second new director to be
named to its board of directors as the company continues moving
forward to complete its merger with Alliance Boots GmbH.
“We are pleased to welcome Barry to the board in this pivotal
moment for our company as we anticipate the completion of the
Walgreens-Alliance Boots merger, establish an efficient global
platform for pharmacy-led health and wellbeing, and launch a new
generation of growth and value creation,” said James Skinner,
chairman of the Walgreens board of directors. “We look forward to
the experience and new perspectives he will bring to the board and
company as we launch Walgreens Boots Alliance, Inc.”
Rosenstein is the founder and managing partner of JANA Partners
LLC, an event-driven hedge fund located in New York with in excess
of $11 billion in investments and commitments which focuses on
companies with a compelling valuation and catalysts to realize
value. Rosenstein graduated from Lehigh University Phi Beta Kappa
and earned an MBA from the University of Pennsylvania's Wharton
School of Business.
“I look forward to serving as a voice for all shareholders in
joining the Walgreens board,” Rosenstein said. “I am eager to work
constructively with Greg, Stefano Pessina and the entire Walgreens
board to help unlock greater value for shareholders and to help
realize the exceptional future for these two iconic companies as
they come together and move ahead.”
In connection with Mr. Rosenstein’s election, Walgreens entered
into a Nomination and Support Agreement with JANA Partners, which,
among other things, provides for the appointment of an additional
independent director recommended by JANA Partners and agreed to by
Walgreens, and that if there is a vacancy which the Walgreens board
chooses to fill during the term of the agreement, such replacement
director will be mutually agreed to by the company and JANA
Partners. A copy of the agreement is being filed by Walgreens with
the SEC on Form 8-K.
“We are very pleased to welcome Barry to the board,” Greg
Wasson, Walgreens president and chief executive officer, said.
“Barry’s experience and expertise in building shareholder value on
behalf of companies will be important as we establish Walgreens
Boots Alliance and carry out our Next Chapter plan for long-term
growth and value creation. He will add tremendous value to our
board and help drive value for shareholders.”
Walgreens also announced that it plans to hold an investor day
shortly after the consummation of the Alliance Boots merger to give
investors greater insight into the company’s financial outlook,
business strategy and capital structure. Details will be provided
to investors closer to the date of the event.
About Walgreens
As the nation's largest drugstore chain with fiscal 2013 sales
of $72 billion, Walgreens (www.walgreens.com) vision is to be the
first choice in health and daily living for everyone in America,
and beyond. Each day, in communities across America, more than 8
million customers interact with Walgreens using the most
convenient, multichannel access to consumer goods and services and
trusted, cost-effective pharmacy, health and wellness services and
advice. Walgreens scope of pharmacy services includes retail,
specialty, infusion, medical facility and mail service, along with
online and mobile services. These services improve health outcomes
and lower costs for payers including employers, managed care
organizations, health systems, pharmacy benefit managers and the
public sector. The company operates 8,192 drugstores in all 50
states, the District of Columbia, Puerto Rico and the U.S. Virgin
Islands. Walgreens digital business includes Walgreens.com,
drugstore.com, Beauty.com, SkinStore.com and VisionDirect.com. Take
Care Health Systems is a Walgreens subsidiary that manages more
than 400 in-store convenient care clinics throughout the
country.
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,”
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 are subject
to risks, uncertainties and assumptions that could cause actual
results to vary materially from those indicated, including the
factors described in Item 1A (Risk Factors) of our most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each
of which is incorporated herein by reference, and in other
documents that we file or furnish 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, Walgreens does not undertake, and
expressly disclaims, 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.
WalgreensMichael Polzin,
847-315-2920http://news.walgreens.com@WalgreensNewsfacebook.com/Walgreens
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