Walgreens Boots Alliance’s Executive Chair has allegedly had US$2.2bn wiped from his fortune after the market value of his company holdings plummeted.
Stefano Pessina (pictured) is the largest shareholder of the American pharmacy chain, which is the parent company of UK health and beauty retailer Boots.
Pessina’s holding in Walgreens Boots Alliance has reportedly fallen from $4.4bn to $2.2bn after a year-long plunge in the company’s share price, according to financial data firm FactSet reported by The Times.
Shares at Walgreens Boots Alliance have dropped 40% over the past 12 months – the same period in which the S&P 500 share index gained 9%.
Last week, the American company’s stock also reportedly hit its weakest level since before the millennium to a low of $14.63.
Walgreens Boots Alliance’s operating losses also reached $13.2bn in the second quarter of full-year 2024 while it battled high debts, according to its latest results, against a $6bn drop in the year prior.
Pessina was previously CEO of Walgreens Boots Alliance, before stepping down in 2020.
He orchestrated and oversaw the merger of Walgreens and Boots in 2014 during his reign.
It is rumoured that Walgreens Boots Alliance is once again exploring sale options for Boots.
The company is allegedly in discussions with potential buyers to sell the British chain for an estimated £7bn.