Walgreens Eyes $1 Billion in Costs Cuts as New CEO Arrives (1)

Walgreens Boots Alliance Inc. announced a $1 billion cost-cutting program as it prepares to reset its growth strategy under a new chief executive officer.

The drugstore chain also aims to lower capital expenditures by about $600 million, and expects to see the impact of the cost reductions begin by early next year, according to a statement Thursday.

The plans set the stage for the arrival of new CEO Tim Wentworth, who’s scheduled to take over on Oct. 23. After his predecessor Rosalind Brewer accelerated a push into primary care and other dimensions of the industry, the cost cuts may ...