Jim Cramer praises Walgreens new CEO pick, says buy the stock ‘perhaps aggressively’

CNBC’s Jim Cramer on Wednesday praised the incoming CEO of Walgreens Boots Alliance, saying industry veteran Tim Wentworth is the right choice to lead the struggling pharmacy chain in its transition to offering more health-care services.

“This guy is the real deal. I just salute him and think he can take you to a higher price, and the stock should 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 benefits manager acquired by health insurer Cigna in 2018. He stayed on for a few years as an executive at Cigna.

Wentworth’s first day at Walgreens is set for Oct. 23, less than two months after former chief executive Roz Brewer left her post. The company said it was seeking a new CEO who had “deep” experience in the health-care industry.

Shares of Walgreens rose more than 1% Wednesday, to $22.66. However, so far in 2023, the Dow Jones Industrial Average constituent is down nearly 40%.

“I like Wentworth, and there is now hope for a stock that I held no hope for,” Cramer said.

The CNBC Investing Club portfolio does not own Walgreens but does have some exposure to health-care services via Amazon, which bought a primary care company and has an online prescription drug store.