Shares of Walgreens Boots Alliance (NASDAQ:WBA) gained 1.7% in early trading Wednesday after naming Tim Wentworth as its new CEO.
Mr. Wentworth was most recently the founding CEO of Cigna's (NYSE:CI) Evernorth and prior to that, he was the CEO of Express Scripts, the largest pharmacy benefit manager in the U.S.
In September, Walgreens announced that Rosalind Brewer would step down as CEO amid the stock's dismal performance, with shares down 40% year-to-date.
Wall Street analysts were bullish on Wentworth's addition.
"We are encouraged by this choice, given Mr. Wentworth's experience leading ESRX, Accredo, and Evernorth," analysts at Cowen commented. "This aligns with WBA's transformation into a healthcare services company."
Analysts expect the company to formally introduce Wentworth when it reports fourth quarter earnings on October 12th.