Walgreens Boots Alliance Inc. (Nasdaq: WBA) announced the appointment of former Humana Inc. (NYSE: HUM) Chief Medical Officer (CMO) Dr. William H. Shrank to its board of directors as the company continues its strategic turn toward health care services.
Currently, Dr. Shrank is a venture partner with the Bio + Health team of Andreesen Horowitz, a private venture capital firm based in Menlo Park, California. In addition to his role as CMO with Humana, he has served as chief scientific officer and CMO of Provider Innovation at CVS Health (NYSE: CVS). He has also held a position at the Center for Medicare and Medicaid Innovation, a part of the Centers for Medicare & Medicaid Services, as the director of the Research and Rapid-Cycle Evaluation Group.
“Dr. Shrank is a strategic, experienced health care leader, and I am proud to have him on our board as we execute the turnaround plan for our business,” Walgreens CEO Tim Wentworth said in a press release. “As the health care and retail landscapes continue to evolve and we further enhance our focus and sharpen execution, I am confident that his background will help us elevate the value of community pharmacy and unlock opportunities for our long-term strategy.”
Walgreens has aimed its focus at health care services over the past few years, particularly under Wentworth. The company now has its U.S. Healthcare division, which includes the primary care provider VillageMD and the post-acute care platform CareCentrix.
“I am pleased to welcome Dr. Shrank to the WBA Board of Directors,” Walgreens Executive Chairman Stefano Pessina said in the same release. “I look forward to working with Dr. Shrank and know that his clinical and business insights, experience and patient-centric approach will be a strong asset for WBA, driving long-term value for our patients, customers and shareholders.”
Dr. Shrank began his career as a practicing physician at Brigham and Women’s Hospital in Boston and as an assistant professor at Harvard Medical School. He earned his B.A. in psychology from Brown University and an M.D. from Cornell University Medical College. Additionally, he holds an M.S. in Health Services from the University of California, Los Angeles.
“I have seen firsthand the trust and relationship patients have with their pharmacist, and the critical role pharmacies serve as the front door to the healthcare system in most communities,” Dr. Shrank said in the release. “Walgreens and Boots are trusted brands, and I’m honored to have the opportunity to work with leadership and the WBA Board of Directors to advance the company’s vision and strategy to transform healthcare delivery.”
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