Drugstore chain Walgreen has appointed Barry Rosenstein to its board of directors, as the company moves forward with its anticipated merger with Alliance Boots GmbH.
“Barry’s experience and expertise in building shareholder value on behalf of companies will be important as we establish Walgreen's Boots Alliance and carry out our Next Chapter plan for long-term growth and value creation," Greg Wasson, Walgreen president and chief executive officer, said in a statement.
Rosenstein is the founder and managing partner of JANA Partners, an event-driven hedge fund located in New York with in excess of $11 billion in investments and commitments which focuses on companies with a compelling valuation and catalysts to realize value.
In connection with Rosenstein’s election, Walgreen entered into a Nomination and Support Agreement with JANA Partners, which, among other things, provides for the appointment of an additional independent director recommended by JANA Partners and agreed to by Walgreen, and that if there is a vacancy which the Walgreen board chooses to fill during the term of the agreement, such replacement director will be mutually agreed to by the company and JANA Partners. A copy of that agreement is located here.
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