Walgreens Boots Alliance global CFO James Kehoe to depart

James Kehoe, global chief financial officer at Walgreens Boots Alliance (WBA), plans to leave the drug store giant’s parent company next month to pursue an opportunity in the technology sector.

Plans call for Kehoe, who has served as global CFO for over five years as well as executive vice president, to depart in mid-August, Deerfield, Illinois-based Walgreens said late Thursday.

WBA has named Manmohan Mahajan, currently senior vice president and global controller, to serve as interim global CFO while the company conducts a search for a full-time replacement.

“It has been a privilege working with the board, CEO Roz Brewer and the leadership team of WBA,” Kehoe said in a statement. “I am proud of the work we’ve done together. WBA is positioned well for continued success. Manmohan is a talented leader who will do a remarkable job leading the financial functions in the interim.”

In reporting that a search for Kehoe’s successor is under way, WBA noted that it will seek a leader who brings substantial health care experience as well as deep financial acumen.

“James has been a valuable member of my executive leadership team and has made significant contributions over his five years with the company. As we articulated the future vision of Walgreens Boots Alliance to become a leading health care company, James helped build a strong finance organization. We wish him well in his next role,” CEO Rosalind Brewer stated.

“I am proud of the agility and resilience of our team and their ability to stay focused on serving our customers and delivering results,” she added. “I have every confidence in our ability to continue executing our healthcare transformation and growth strategy.”

Kehoe joined the WBA in June 2018 from Takeda Pharmaceutical Co. Ltd., where he had served as CFO since June 2016 and as a director since June 2017. He came to Takeda after more than 10 years at Kraft Foods Group, most recently as executive vice president and CFO in the United States and a year as senior vice president of operating excellence at spinoff Mondelez International.

“I am confident in Manmohan as he steps into the interim role while we launch a search for a new global chief financial officer,” Brewer stated. “We will continue to deliver sustainable value to our customers, communities, partners and shareholders, as Manmohan is a well-known and well-respected senior leader both with our board and throughout our company.”

Mahajan came to WBA in February 2016 as vice president of global reporting and technical accounting and was promoted to vice president and assistant global controller in October 2019 and then to global controller and chief accounting officer in July 2021. Previously, he spend over 13 years at GE Capital, most recently as controller.

With Mahajan’s appointment as interim global CFO, Todd Heckman has been named interim global controller, WBA said.

At the end of July, WBA disclosed plans to close another 150 U.S. stores in reporting disappointing earnings results this week for its fiscal 2023 third quarter. WBA executives noted that a tough operating environment squeezed profits as the company works to ramp up its U.S. Healthcare business.

And earlier this month, WBA reached an agreement with Brookshire Grocery Co. to acquire the prescription files of 120 of the food and drug retailer’s pharmacies in Texas, Louisiana and Arkansas.