Not just a new CEO, but Sycamore also named a new EXECUTIVE chairman John L. For those unaware an executive chairman has more power and authority than a regular chairman of the board. Executive chairman has a lot more say over day to day operations of a company. And essentially the CEO reports to the executive chairman. Plus like most boards they tend to operate behind the scenes, as opposed to more out front like a CEO. Get ready for virtually no transparency. Plus on a side note, no mention of Stefano's role in the new company.
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According to an article Walgreens is being split up into 5 separate companies, with sycamore looking to sell the village MD business.
Prepare for store closure and massive layoff.
John Lederer:
Executive Chairman (and later interim CEO) of Staples (2017–present): As part of Sycamore's portfolio, he guided post-acquisition strategies amid retail challenges, including workforce optimizations, fulfillment center improvements, and a push for operational efficiencies. However, this period drew criticism for layoffs and a focus on bottom-line cost-cutting, with some employees describing it as contributing to organizational decline.
Ok.