Stefano Pessina and Ornella Barra, the architects of a global pharmacy empire built over three decades, are now overseeing its breakup. Backed by private‑equity firm Sycamore Partners, they completed a $23.7bn leveraged buyout of Walgreens Boots Alliance last year, turning the once significant $100bn‑valued group into eight separate entities, including Walgreens in the United States and Boots in the United Kingdom.

Pessina, now an 84‑year‑old director working 12 hours a day, and Barra, who has moved from chief executive to chair of Boots, still control a combined 18% stake in the business. Their partnership, which began in 1984 with an Italian pharmacy acquisition, has survived accusations of favouritism and a series of leadership missteps, including the brief tenure of former Starbucks executive Roz Brewer as CEO.

The split follows a decade in which WBA’s market capitalisation slumped nearly 90%, pressured by US reimbursement cuts, opioid settlements and supply‑chain disruptions from geopolitical tensions. While Pessina vows to “recreate all the value,” investors see the dismantling as a pragmatic response to a business that could no longer grow under a single roof.