CNBC’s Jim Cramer on Wednesday praised the incoming CEO of Walgreens Boots Alliance, saying industry veteran Tim Wentworth is the precise selection to steer the struggling pharmacy chain in its transition to offering more health-care services.
“This guy is the true deal. I just salute him and think he can take you to a better price, and the stock needs to be bought — perhaps aggressively,” Cramer said on “Squawk on the Street.”
Wentworth, whose appointment was announced Thursday night, previously served as CEO of Express Scripts, a pharmacy advantages manager acquired by health insurer Cigna in 2018. He stayed on for a number of years as an executive at Cigna.
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Wentworth’s first day at Walgreens is ready for Oct. 23, lower than two months after former chief executive Roz Brewer left her post. The corporate said it was looking for a latest CEO who had “deep” experience within the health-care industry.
Shares of Walgreens rose greater than 1% Wednesday, to $22.66. Nonetheless, up to now in 2023, the Dow Jones Industrial Average constituent is down nearly 40%.
“I like Wentworth, and there’s now hope for a stock that I held no hope for,” Cramer said.
The CNBC Investing Club portfolio doesn’t own Walgreens but does have some exposure to health-care services via Amazon, which bought a primary care company and has a web-based prescription drug store.
Here’s a full list of the stocks in Jim’s Charitable Trust, the portfolio utilized by the CNBC Investing Club.
