Boots boss Seb James is stepping down from the retailer after its owner shelved plans for a multibillion-pound sale for the second time.
The chief executive, who joined the high street health and beauty chain in 2018, will leave the business in November, Sky News first reported.
City sources said that James had accepted a new role in the healthcare industry as group CEO of Veonet, one of Europe’s largest chains of ophthalmology clinics. The firm owns SpaMedica, which performs eye operations such as cataract removals for the NHS.
The Boots boss is credited with helping to reinvent the retailer’s beauty business, bringing in hundreds of new brands, re-fitting beauty halls across the UK and employing more specialist beauty advisers, as well as expanding its pharmacy practice to offer over 160 healthcare services for both private and NHS patients.
James said: “It has been a pleasure to lead this fantastic company and support its transformation during my time as managing director.
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“Now in its 175th year, Boots has shaped how people access health and beauty products on the high street and I am proud to have been part of a business that continues to hold a critical role at the centre of the UK health and beauty sectors. I look forward to seeing the business continue to succeed under its excellent leadership team.”
His departure comes days after it emerged that New York-listed owner Walgreens Boots Alliance (WBA) had decided against pursing a sale or a stock market flotation of the chain for the second time in two years.
A WBA spokesperson said this week: “As Walgreens Boots Alliance continues a strategic review of the company’s assets, we took a critical look at Boots.
“While we believe there is significant interest in this business at the right time, Boots’ growth, strategic strength and cashflow remain key contributors to Walgreens Boots Alliance.
“We are committed to continuing to invest in Boots UK and to find innovative ways for this business to fulfil its potential.”
Boots revealed it had delivered its thirteenth consecutive quarter of market share growth last week as sales jumped 6% and 5.8% in the three months to 31 May across its retail and pharmacy operations respectively.
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