Walgreen Co. ("Walgreens", or the "Company"), America's leading independent retail pharmacy, announced today that it is now operating as a private standalone company following its acquisition by Sycamore Partners ("Sycamore"), a leading private equity firm based in New York.

Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in Walgreens, demonstrating their ongoing support and confidence in the Company's future.

Mike Motz has been appointed as Chief Executive Officer of Walgreens effective immediately. Motz was formerly CEO of Staples US Retail, a Sycamore portfolio company. Prior to that, he served as President of Shoppers Drug Mart, the No. 1 pharmacy chain in Canada. A seasoned leader with deep experience, Motz brings a renewed focus on retail, a customer-first mindset and significant operational discipline to guide Walgreens into its next chapter as a private company. Motz replaces Tim Wentworth, who will continue to serve as an ongoing Director. John Lederer, a former director of Walgreens Boots Alliance, Inc. ("WBA") and a Senior Advisor to Sycamore, has been appointed Executive Chairman of Walgreens.

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