NEW YORK:  Tim Wentworth, a former leader of Express Scripts and Cigna’s health services unit, will take over as the new CEO of Walgreens Boots Alliance, the company announced on Tuesday.

Walgreens, one of the largest pharmacy chain operators in the U.S., hopes that Wentworth’s extensive experience in healthcare services will help it improve its performance and diversify its offerings. The company has been struggling with lower profits and a 40% drop in its stock price this year, due to lower demand for COVID vaccinations and testing, and reduced consumer spending.

Wentworth retired from Cigna’s Evernorth unit in 2021, after leading Express Scripts, a pharmacy benefit manager (PBM), before it was acquired by Cigna (CI.N) in 2018.

He will replace Rosalind Brewer, who stepped down as Walgreens’ CEO last month after less than three years in the role. The company said Brewer’s departure was a mutual decision, but did not give more details. Walgreens is still looking for a permanent CFO.

Under Brewer’s leadership, Walgreens tried to expand its healthcare services by buying VillageMD and Summit Health, but also faced challenges such as store closures, job cuts, and a planned walkout by some pharmacy employees this week, according to CNN.

Alan Tannenbaum named CEO of BMO Capital Markets as Dan Barclay retires