American pharmacy store chain Walgreens recently named retail veteran Mike Motz its CEO. The decision was made after struggling to stay ahead of its rivals in the market.
The US pharmacy chain had previously been taken private by Sycamore Partners. The American private equity firm had roughly completed a USD 10 billion acquisition of Walgreens Boots Alliance before the announcement was made.
Mike Motz will take over from Tim Wentworth. He was previously the CEO of the US retail division of office supply chain Staples, and will now focus on Walgreens’ core business of retail and pharmacy operations. He also presided over the Canadian pharmacy chain Shoppers Drug Mart as its president.
Walgreens has struggled to expand beyond its pharmacy business, as it was unable to diversify into more comprehensive healthcare services. As a result, cost-conscious shoppers chose less expensive options from Amazon and Walmart for their toiletries and prescription medications.
When Tim Wentworth joined the company in 2023, he implemented cost-cutting strategies, including the removal of multiple mid-level executives and the closure of retail locations, but the company still continued to struggle and ended up in a loss in 2024.
Walgreens stated that Tim Wentworth will continue to serve as a director, and John Lederer, a former director of Walgreens Boots Alliance and a senior adviser to Sycamore Partners, will serve as executive chairman.
Meet Mike Motz
Mike Motz started his journey in retail at a very young age. He completed his high school education at the prestigious University of Toronto Schools. He landed his first job at age 14, working part-time at a local Miracle Food Mart. Through this part-time job, he was introduced to the grocery industry. This helped him lay the groundwork for a lifetime career in operations and retail. He had a chance to work for organisations such as Knechtel, AC Nielsen, and the Oshawa Group in his career, where he gained hands-on experience in merchandising, business analytics, and consumer behaviour.
His career took off when he began working at Shoppers Drug Mart, one of the biggest pharmacies in Canada. He took on many leadership positions over the course of 14 years, including Executive Vice President of Operations, Chief Merchandising Officer, and finally President. He transformed himself into a reputed leader capable of scaling operations efficiently, managing intricate retail ecosystems, and fusing healthcare with consumer demands while working with Shoppers Drug Mart. His leadership qualities helped him gain popularity and growth in the Canadian market.
After working with Shoppers Drug Mart, Mike Motz served as the Chief Operating Officer at Loblaw Companies Limited for its retail divisions. This role helped him further understand national-scale grocery and pharmacy operations.
In 2019, he became CEO of Staples. There, he led a significant transformation effort across its stores and retail footprint. The amount of knowledge, cross-border experience, and deep retail expertise he gained made him a well-rounded executive.
Throughout his career, he has gained a reputation for bringing significant changes to the general retail and pharmacy industries. His knowledge of consumer behaviour, combined with strategic thinking, has changed Canada’s grocery market. He replaced traditional retail values with contemporary business demands and optimised the supply chain with customer-centric design.