Boots boss steps down after six years at the helm

The head of the British health food and beauty chain Boots has announced that he will step down after six years in the top job.

Managing director Sebastian James has resigned to take up his position in the healthcare sector.

Boots, which is owned by US-listed giant Walgreens Boots Alliance, said James would remain with the group until November.

The company began the process of searching for his successor.

James is believed to be leaving to take up a position with a European eye surgery company.

He has held the top job at Boots in the UK since 2018, having previously led electrical retailer Dixons, which was renamed Currys.

During his time at Boots, he oversaw 13 consecutive quarters of market share growth, according to the company.

But his decision to leave comes amid reports that Walgreens has once again suspended plans to sell or float the Boots chain.

Mr James said: “It has been a pleasure to lead this fantastic company and support its transformation during my tenure as managing director.

“In this year, as we celebrate our 175th birthday, Boots has shaped the way people access health and beauty products in-store and I am proud to be part of a business that continues to play a key role at the heart of the UK’s health and beauty sectors.”

Ornella Barra, chief operating officer of Walgreens Boots Alliance, said: “We thank Sebastian for his commitment – ​​together with the Boots leadership team – to providing a strong platform for success and sustainable, long-term growth, and we wish him all the best in his next endeavor.”

Boots recently reported sales growth in its latest quarter, but its parent company cut its profit forecasts and announced store closures in the US.

Boots reported a 6% increase in comparable UK retail sales in the quarter to the end of May, with higher in-store sales due to higher footfall in travel, beauty and flagship stores.

However, overall sales growth slowed to 1.6% as about 300 stores closed over the past year, reducing the number of outlets to 1,900.

The owner of Walgreens said in results that it plans to close more unprofitable U.S. stores after conducting a strategic review.

WBA is also lowering its earnings per share guidance for the fiscal year ending in August due to the “difficult situation in the US retail market.”

Total group sales in the quarter to May rose 2.6% to $36.4 billion (£28.8 billion), as growth in US pharmacy sales offset a decline in retail sales.