Speculation circles chief executive
Alliance Boots chief executive Richard Baker is reportedly in talks to step down from the health and beauty giant following its takeover by private equity giant KKR last month.

Stefano Pessina, who will be made executive chairman, is understood to be in talks with senior managers over their positions and salaries. Head of Boots the Chemist Scott Wheway is thought to be a strong contender to replace Baker if he does decide to leave.

The retailer is understood to be making an announcement about the management reshuffle this week. A spokesman for Boots said: 'We do not comment on speculation.'