With the summer winding down and August in full force, we want to give you the best sales enablement tools to help you make your Q3 goals. Start with keeping all the decision makers looped in with DiscoverOrg’s finance dataset. We profile the CFO’s department to help you map out your strategy and giving you an advantage by having all parties on board in the selling process.
This Week’s Top Finance Leadership Move
With DiscoverOrg’s Scoops, you can leverage one of the most powerful sales enablement tools and know who to get in touch with, when, and how.
Last week leading drugstore chain, Walgreens, announced that Tim McLevish has been named as the company’s Executive Vice President and Chief Financial Officer. McLevish joins the company from Kraft Foods Group, Inc., where he served as Executive Vice President and Chief Financial Officer. McLevish replaces Wade Miquelon who has been with Walgreens since 2008. Miquelon will stay on the board as an advisor to assist the transition into the second stage of the company’s partnership with Alliance Boots.
Moving Forward With Partnerships
McLevish has been chosen to lead the entirety of the company’s financial functions as they move forward with their multi-billion dollar strategic partnership with Swiss health and beauty retailer, Alliance Boots.
Effective immediately, McLevish will report to the company’s CEO, Greg Wasson.
“We are pleased to welcome Tim to lead our financial operations into the next chapter of Walgreens ongoing transformation as we continue to accelerate our strategic growth drivers, expand globally with Alliance Boots and prepare to embark on our journey to create the first global pharmacy-led, health and wellbeing enterprise,” said Wasson. “With Tim on our senior management team, Walgreens and Alliance Boots will benefit not only from his deep and rich experience in the consumer products market, but also from his experience in bringing together companies to ensure efficient, effective and profitable growth and value creation.”
Past Industry Leadership
Prior to Kraft Foods, McLevish served as Chief Financial Officer and other executive leadership roles for Intersoll-Rand, Mead Corporation, and Zellerbach Paper Company. He received a bachelor’s degree in accounting and economics from the University of Minnesota, and a master’s degree in business administration from Harvard.
“It is a privilege to join such an admirable company, especially at this exciting and pivotal time as Walgreens expands to become a global enterprise,” McLevish said. “I look forward to helping Greg and the team achieve the company’s important mission and carry out their remarkable vision to expand health and wellbeing across America and around the world for the benefit of customers, patients, health care partners and shareholders.”
Walgreens has been at the center of much media attention in past few months as speculation around their partnership with Alliance Boots grew. For some time Walgreens has publicly discussed options to lower their tax rate in order to resurge the company. With the announcement of McLevish as CFO, many speculated that Walgreens would move forward with a tax inversion deal, where they would merge with Alliance Boots, a company in a low-tax country, to reduce their own tax rate. This week, however, Walgreens purchased the remaining 55% of Alliance Boots that it did not already own, and following a major pushback from Washington announced publicly that they will keep their tax domicile in the United States.
“The company concluded it was not in the best long-term interest of our shareholders to attempt to re-domicile outside the U.S.,” said Walgreens CEO Greg Wasson.
As shares fell last week, DiscoverOrg expects to see the retail giant seek alternative cost cutting options in order to make their 2016 combined revenue projection of $126-130 billion. DiscoverOrg will be the first to report on how the company plans to move forward.
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