Walgreens CIO Hsiao Wang Departs

Walgreens Boots Alliance Inc. has seen a change in its leadership team as Chief Information Officer Hsiao Wang departs just over a year after assuming the role during a broader leadership reorganization at the pharmacy chain.

Interim Chief Executive Officer Ginger Graham announced that Wang had been on a leave of absence. However, as of now, he is no longer employed by the company. To assist Graham in making decisions related to new technology initiatives, Neal Sample, a consultant and former Chief Information Officer at Northwestern Mutual, will step in. Neal Sample will also participate in the executive committee.

Neal Sample has previously held the positions of Chief Information Officer and Chief Operating Officer at Express Scripts, a leading pharmacy benefits manager that was acquired by Cigna. The potential appointment of former CEO Tim Wentworth to the top position at Walgreens has garnered investor interest due to the expectation of having leadership with more healthcare experience. As reported by Bloomberg, Walgreens stock saw its most significant gain in nearly a year on the news that Tim Wentworth was in discussions with Walgreens about taking over the helm of the drugstore chain.

On Monday, Walgreens’ stock rose by 0.8% to reach $22.42 at 4 p.m. in New York, although it has experienced a 40% decline in value this year.

Walgreens is currently in the process of searching for several new executives following the abrupt departure of former CEO Rosalind Brewer about a month ago and the resignation of former CFO James Kehoe in July after five years with the company. Brewer, a seasoned retail executive, joined Walgreens from Starbucks Corp, and her appointment was initially characterized by her digital expertise and leadership skills, which were seen as valuable despite her lack of experience in healthcare. During her tenure, she aimed to expand Walgreens’ presence in the healthcare sector through acquisitions and diversification. However, the company’s stock lost approximately half of its value during her time as CEO, and she stepped down from the position at the end of August after serving for just 2 1/2 years.

In the wake of Brewer’s departure, Walgreens stated its intent to search for a successor with extensive healthcare experience to lead the company in the evolving healthcare landscape. The recent leadership change, including the departure of CIO Hsiao Wang, may signal a shift in that direction. Prior to joining Walgreens, Wang held the position of CIO at the arts-and-crafts retailer Michaels.

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