Title: Jason Stenta
Earlier title: SVP, payer gross sales, Optum
New title: SVP and and chief business officer, Walgreens
Courtesy of Walgreens
Stenta will formally be part of Walgreens early this month, based on a Monday press launch.
He’s tasked with overseeing the corporate’s business progress technique, enhancing improvement and commercialization of business-to-business healthcare companies, and fostering partnerships with payers and suppliers.
Stenta brings roughly 20 years of business expertise to the place, having held management roles at CVS Well being, Change Healthcare and Optum, in accordance to his LinkedIn profile.
His appointment comes because the retail pharmacy and healthcare big has struggled amid weakening gross sales and decrease reimbursement in its core pharmacy enterprise.
Final month, the corporate’s share value dipped to its lowest degree in a long time following information of a shareholder lawsuit in opposition to Walgreens’ high executives. Shareholders accused CEO Tim Wentworth and CFO Manmohan Mahajan of deceptive buyers about Walgreens’ monetary efficiency for almost a 12 months.
They lawsuit claims the executives started inflating the monetary outlook for Walgreens’ pharmacy enterprise final fall, concealing business headwinds that may “require vital restructuring with the intention to create a sustainable mannequin.”
In the meantime, Walgreens is contemplating a selloff that may considerably alter its retail enterprise. In August, the corporate stated it was contemplating promoting its stake in major chain VillageMD, which it has invested in since 2020.
Though the corporate has poured billions of {dollars} into the first care funding, VillageMD by no means proved worthwhile for Walgreens — its declining worth contributed to nearly all the firm’s second quarter $6 billion web loss. Walgreens started to shut facilities this 12 months.
Walgreens’ broad issues, starting from pharmacy to retail considerations, brought on credit standing company S&P World Rankings to downgrade the corporate from ‘BB’ from ‘BBB-’ in July, touchdown Walgreens into speculative-grade territory.
