Walgreens Boots Alliance is now officially a privately held company following the completion of its $10 billion sale to private equity firm Sycamore Partners. The transaction also ushers in a leadership change, with Mike Motz—former CEO of Staples US Retail—taking the helm as the new Chief Executive Officer.
The deal, announced on August 28, 2025, marks a significant shift for one of the world’s largest pharmacy chains. Sycamore Partners completed the acquisition in collaboration with Walgreens’ former CEO and largest individual shareholder, Stefano Pessina, and his family, who have reinvested 100% of their holdings in the company. This move signals their ongoing confidence in Walgreens’ long-term growth and direction under private ownership.
“We look forward to partnering with the management teams at each company, including Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD,” said Stefan Kaluzny, Managing Director at Sycamore Partners. “As standalone private companies, they’ll continue to build on their strong legacies, focus on enhancing customer experience, and deepen the trust they’ve established globally.”
Motz, who takes over immediately, brings a deep background in retail leadership. Prior to leading Staples, a Sycamore portfolio company, he served as President of Shoppers Drug Mart—the leading pharmacy chain in Canada. Walgreens highlighted Motz’s experience and “customer-first mindset,” saying he will bring operational focus and strategic discipline as the company transitions into its next chapter.
Tim Wentworth, who led Walgreens for the past two years, will step down from the CEO role but remain involved as a board director. In addition, John Lederer—a former director of Walgreens Boots Alliance and current senior advisor to Sycamore—has been named Executive Chairman.
As Walgreens moves forward outside the scrutiny of the public markets, the new ownership and leadership structure suggest a renewed emphasis on core retail operations, efficiency, and customer service. The shift to private ownership may allow the company greater flexibility in navigating industry challenges and making long-term investments.
The transformation also places Walgreens alongside a growing list of major retailers turning to private equity as a way to reset and reposition their businesses for the future.
With new leadership in place and significant backing from Sycamore and the Pessina family, Walgreens is poised to reimagine its role in the evolving healthcare and retail landscape.
