Walgreens Boots Alliance names Stefano Pessina permanent CEO, trumps 3Q earnings forecasts

MarketsAssociated Press

Walgreens Boots Alliance Inc. is naming Stefano Pessina CEO, making permanent a role the executive has filled since the largest drugstore chains in the United States and Great Britain closed their combination at the end of last year.

The 73-year-old Pessina helped engineer the combination of Walgreen Co. and European health and beauty retailer Alliance Boots, which was finished last year when Walgreen said it would pay about $16 billion in cash and stock to buy the remaining stake in Alliance Boots that it did not already own.

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Pessina had served interim replacement for Walgreen leader Greg Wasson, who retired after the tie-up was completed.

Walgreen also reported on Thursday adjusted fiscal third-quarter earnings of $1.02 per share, which trumped analyst expectations.

Walgreens shares are climbing in early trading.