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LONDON — Boots’ managing director Sebastian James is leaving his role and heading to a new job in health care after the stalled sale of the British beauty and pharmacy chain.
James, who joined Boots in 2018, is leaving the company 10 months after former chief executive officer of parent, Walgreens Boots Alliance, Roz Brewer, handed in her resignation.
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James said that “Boots has shaped how people access health and beauty products on the high street, and I am proud to have been part of a business that continues to hold a critical role at the center of the U.K. health and beauty sectors.”
He will continue with the company until November, and the company said it has already begun looking for a successor.
Ornella Barra, chief operating officer, International, at Walgreens Boots Alliance, said James’ tenure has seen Boots “transform through a steadfast focus on investment, innovation and growth into the number-one health and beauty destination in the U.K.”
James is headed to Veonet, a European chain of ophthalmology clinics, owned by private equity and pension funds.
The Münich, Germany-based business confirmed on Monday that James will succeed Dr. Markus Hamm as group CEO.
Rob Roger, chairman of Veonet, said James’ “expertise in the health care sector, particularly optometry and ophthalmology, as well as his experience running consumer businesses across Europe, make him an ideal candidate to take the company to the next stage of its growth.”
James’ exit follows Walgreens Boots Alliance failure to offload the chain of 1,900 stores for the second time in the space of four years.
Walgreens Boots Alliance first explored a sale of Boots and its No7 beauty brand in 2021, but later decided against it, citing the macroeconomic environment and mounting speculation that the U.S. would fall into a recession.
At the time, the company explained that while there had been buyer interest, no third party was able to make an offer that “adequately reflects the high potential value of Boots and No7 Beauty Company.”
It had been widely reported that India’s Reliance Industries and U.S. private equity investor Apollo Global Management made a joint offer for Boots, which then operated more than 2,200 stores, valuing it at between $5 billion and $6 billion.
According to sources, Walgreens Boots Alliance tried once again to sell or float the business this year, but did not attract adequate interest.