Walgreens Boots Alliance Simplifies Portfolio and Cancels Bonuses

Walgreens Boots Alliance under new CEO Tim Wentworth continues to sell off its stake in drug distributor Cencora, reducing its stake to 15%. The proceeds will be used for debt paydown and general corporate purposes. Additionally, Walgreens has canceled corporate bonuses for its corporate staff and reduced bonuses for store and pharmacy managers due to financial pressures. The company has been facing challenges such as mounting debt, budget cuts, theft, leadership turnover, and understaffing.