The tycoon behind Walgreens Boots Alliance has seen more than $2bn wiped from his fortune. 

Stefano Pessina at Retail Week Live 2015

Stefano Pessina has seen $2bn wiped off his holding in Walgreens Boots Alliance

Following a year-long plunge in his company’s share price, the executive chair and biggest shareholder of Walgreens Boots Alliance Stefano Pessina has seen the market value of his holding in the company plummet. 

According to data from FactSet reported by The Times, Pessina’s holding has fallen from $4.4bn (£3.5bn) to $2.2bn (£1.7bn) in the past year after shares at Walgreens dropped 40% in the last 12 months, the same period in which the S&P 500 share index gained 9%. 

Last week, Walgreens’ stock hit an intraday low of $14.63, reportedly its weakest level since before the millennium, and it has battled high debts following an aggressive acquisition spree. 

According to its latest results, operating losses at the retailer reached $13.2bn (£10.4bn) in the first six months of its financial year, against a $6bn (£4.7bn) drop the year prior. 

After five years in charge, during which he orchestrated the merger of Walgreens and Alliance Boots, Pessina stepped down as chief executive in 2020. 

Boots reported a 42.3% rise in pre-tax profits to £237.6m in the year ending August 31, 2023, according to filings for three UK subsidiaries at Companies House.

Sales at Boots went up to £8.3bn, compared with £7.7bn in the previous year, driven by strong retail sales from beauty brands such as Soap & Glory, Liz Earle and Fenty Beauty.

Filings revealed that Boots spent £107m in dividends between subsidiaries and at least £38m in restructuring costs as it looks to cut down its store estate from 2,200 to 19,00 in the UK.