Sycamore Partners has replaced Walgreens CEO Tim Wentworth with Mike Motz, who was previously the CEO of office retail store Staples, another Sycamore company.
“Under that CEO’s watch, Staples shuttered a third of its stores,” he said. “It cut tens of thousands of jobs. We’re wary that if Sycamore applies that same playbook to Walgreens, if that CEO that’s coming over from Staples applies that same playbook to Walgreens, we’re going to have … thousands of stores closed, tens of thousands of layoffs, pharmacy deserts in neighborhoods that are already struggling with access to medication.”