Boots CEO reportedly quits after sales process comes to halt

Sebastian James, the chief executive officer of British pharmacy chain Boots, is understood to have stepped down from his role after plans to sell the company came to a halt.

James, who first entered Boots in 2018, is understood to be leaving in November after which he will move on to a new position in the healthcare industry, Sky News reported.

The news comes on the heels of reports that Boots’ parent company, Walgreens Boots Alliance (WBA), has put plans for a five billion pound sale on pause, making it the second time in two years that it has implemented such a decision.

Speaking to the media outlet, a spokesperson for WBA noted that as part of an ongoing strategic review at the group, it took a “critical look” at Boots.

The statement continued: "While we believe there is significant interest in this business at the right time, Boots' growth, strategic strength and cashflow remain key contributors to WBA.

"We are committed to continuing to invest in Boots UK and to find innovative ways for this business to fulfil its potential."

WBA lowered its FY24 EPS guidance last week after experiencing a worse-than-expected US environment, causing a decrease of 36.3 percent in third quarter adjusted operating income.