DEERFIELD, Ill. — Walgreens is now a private stand-alone company, following Sycamore Partners’ acquisition of the business in August 2025. Mike Motz was appointed chief executive officer, and John Lederer was appointed executive chairman of Walgreens.
Motz was formerly CEO of Staples US Retail, a Sycamore portfolio company. Prior to that, he served as president of Shoppers Drug Mart, the No. 1 pharmacy chain in Canada. A seasoned leader with deep experience, Motz brings a renewed focus on retail, a customer-first mindset and significant operational discipline to guide Walgreens into its next chapter as a private company. Motz replaced Tim Wentworth, who will continue to serve as an ongoing director.
“This represents an exciting new chapter and a turning point for Walgreens,” said Motz. “As a private organization, alongside our dedicated team members, we are renewing our focus on our core pharmacy and retail platform, our stores and our customer experience — building on the progress that’s been made.”
Stefan Kaluzny, managing director of Sycamore, said, “We are pleased to have closed this momentous transaction with an outstanding brand that has been a cornerstone of American communities for nearly 125 years. Walgreens benefits millions of Americans, and I am confident that, enhanced by the flexibility of operating as a private stand-alone organization, it can move with certainty, speed and focus to deliver meaningful value to its customers.”
The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD are also now operating as separate stand-alone companies following the acquisition close.
Company Unveils PharmStart Program
In April 2025, the company launched PharmStart, a first-of-its-kind, fully funded online education program designed to help eligible team members meet the prerequisite requirements for pharmacy school. After starting with an initial cohort of 300 team members across six states, the company expanded the program nationwide to all 50 states in December.
Rick Gates, chief pharmacy officer at Walgreens, who began his career at Walgreens as a front-of-store team member, understands firsthand the early stressors involved in considering a PharmD pursuit. “Becoming a pharmacist was a lifelong dream, but the cost of tuition always loomed in the back of my mind. Today, we’re continuing to chip away at those financial burdens, ensuring team members can pursue their passion for pharmacy without the burden of debt being a barrier to success.”
Expands Micro-Fulfillment -Network
Walgreens also expanded its micro-fulfillment network in 2025 with the opening of new micro-fulfillment centers (MFCs) in Brooklyn Park, Minn., in May and West Jordan, Utah, in December. These facilities streamline prescription processing and reduce administrative tasks, freeing up pharmacists to focus more on personalized patient care. Their network of 13 MFCs supports 5,100 stores across the country and fulfills approximately 18 million prescriptions per month. “Walgreens’ investment in micro-fulfillment centers is another strategic step toward a brighter future for community pharmacy,” said Gates. “Research shows that Americans want more health services at their local pharmacy, and micro-fulfillment centers help us meet those needs by allowing our pharmacists to do what they do best: spend time with patients.”
Clinical Trials
In June 2025, the company celebrated Walgreens Clinical Trials’ three-year anniversary and the longest commitment to clinical research for a U.S. retail pharmacy. Since launching in June 2022, Walgreens Clinical Trials has engaged more than 17 million customers for potential participation in sponsor-led clinical research, with Walgreens patient referrals 20% more likely to enroll in a study compared to other recruitment referrals.
Walgreens Specialty Pharmacy saw strong momentum in 2025, expanding its limited-distribution drug (LDD) network to include 265 products (LDDs are specialty medications that are available through select specialty pharmacies chosen by the drug manufacturer). Walgreens Specialty Pharmacy also earned several industry accreditations, including its first Walgreens Gene and Cell Services accreditation and full accreditation from URAC.
“As the limited-distribution drug network continues to grow, our specialty pharmacy teams across the country are equipped to support manufacturers in getting their medications to patients who need them most,” said Tracey James, chief operating officer of Walgreens Specialty Pharmacy. “Our independence allows us to work with any payers, pharmaceutical companies, providers and other care partners.”
In November 2025, the company launched the Walgreens Patient Advisory Board to ensure patient voices continue to shape how the company delivers pharmacy services. The new advisory board will serve as an instrumental tool for understanding patient experiences and developing initiatives that are practical, accessible and patient-centric.
Walgreens also welcomed its inaugural class of Community Practice Shared Faculty members in November, a first-of-its-kind initiative that connects pharmacy students with Walgreens pharmacists serving as shared faculty members at 21 participating colleges of pharmacy across the country.
The Walgreens Pharmacy Patient Advisory Board is chaired by Rina Shah, senior vice president of enterprise specialty pharmacy at Walgreens. In addition to the patient members, the board will include Bob Stephen, vice president of health security programming at AARP, and Elisa Weiss, senior vice president of education, services and outcomes research at Blood Cancer United. Angela Bower, senior director of health services at Walgreens, serves as the vice chair.
In close partnerships with patients, caregivers and advocacy organizations, the board will provide a structured, ongoing platform to collaborate, share insights and strengthen trust between Walgreens and the communities it serves. This initiative reflects Walgreens’ commitment to listening consistently and thoughtfully to patients, driving meaningful improvements in how it provides care and support.
Walgreens
KEY EXECUTIVES
Mike Motz, CEO
John Lederer, Executive Chairman of Walgreens
Rick Gates, Chief Pharmacy Officer
Rina Shah, Senior Vice President of Enterprise Specialty Pharmacy
HEADQUARTERS
108 Wilmot Road, Deerfield, Ill. 60015
Phone: (847) 940-2500
Website: walgreens.com
TRADE CLASS — Drug Chain
Overall U.S. sales — $145 billion*
U.S. retail pharmacy sales — $90 billion*
Number of pharmacies — almost 8,050
Number of states operating — 50, plus D.C., Puerto Rico
and U.S. Virgin Islands
*CDR estimate.
