Skip to main content

Market Overview

Jana Partners' Barry Rosenstein: 'The Walgreens Situation Is Terrific'

Share:
Jana Partners' Barry Rosenstein: 'The Walgreens Situation Is Terrific'

Walgreens Boots Alliance Inc (NYSE: WAG) is up almost 20 percent since last September when the company announced that it was giving activist hedge fund Jana Partners seats on its board. Barry Rosenstein, founder of Jana Partners, was on CNBC recently to discuss how things are improving at Walgreens.

A Welcoming Board

"The Walgreens situation is terrific," Rosenstein said. "You have got a board that's well meaning, that recognized there were problems and they needed to address them.

"They invited me to go on the board when I suggested they needed some representation from people with healthcare experience and with cost-cutting experience. They welcomed it, which is why we didn't have any fight. They agreed to let me put three people on the board."

Related Link: QUALCOMM Responds To Statements Made By Jana Partners LLC

Pretty Exciting Things

Rosenstein was asked if he is all praise for Walgreen's management only because they could see things from his perspective. He replied, "The stock is up 50 percent in last several months, there is tremendous change afoot."

He continued, "[sic.]There's opportunities on the cost side. There's opportunities on the capital allocation side. And there's strategic opportunities.

"I think you are going to see this company continue to do pretty exciting things."

The Pessina Factor

He continued, "We are partnered with one of the great entrepreneurs of all times – Stefano Pessina, who, when I met him two years ago, I called right after the meeting.

"I called my partner and I said, 'We are buying a billion dollars of stock; we are going to back this guy.' He's fantastic," Rosenstein concluded.

 
Image Credit: Public Domain

 

Related Articles (WAG)

View Comments and Join the Discussion!

Posted-In: Barry Rosenstein CNBC Jana Partners Stefano PessinaMedia