LYCOS RETRIEVER 
Stefano Pessina
built 635 days ago
[T]he company announced the following: Stefano Pessina will chair the Board of Alliance Boots. Dominic Murphy, Partner KKR, Ornella Barra, George Fairweather, Steve Duncan, and Marco Pagni are all appointed Directors. Also joining the Board will be Johannes Huth and Mattia Caprioli of KKR. The Board intends to appoint other independent non-Executive Directors. These appointments will be announced in due course.
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[A]part from some pretty horrendous advisers’ fees, what have Boots chairman Sir Nigel Rudd and Stefano Pessina, the founder and deputy chairman of Alliance Unichem, created by merging the two companies? Despite initial City scepticism, many have now been won over by the logic of the deal. In a recent note to clients, entitled The drugs do work, Jamie Isenwater, a retail analyst at Deutsche Bank, argued the deal made strategic and financial sense.
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"Similarly, if KKR walk away, Stefano Pessina will ... have to resign. He cannot continue as a director having tried to action a bid on the QT. Nigel Rudd is playing a good hand here. He thinks he can get more. Now they have to put up or shut up."
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Both offers are far higher than the £9.7bn that KKR and Mr Pessina first came up with last month. The rapidly rising price has led some to question whether it has already gone beyond sensible levels. "This thing appears to have lost all touch with reality," said a banker. "They are going to have to put up some absolutely storming results to make this work."
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Pessina has the air of a university professor rather than one of the most ambitious business-people in the world. He's dressed smartly, in a conservative Italian style. There's no trace of native exuberance or flamboyance. He's a little overweight but he's not 'fat', as Barbara called him in a newspaper.
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Pessina and his new private-equity bosses offered him the job of chief executive but he turned it down, not wanting to work under a chairman with such a hands-on role. Pessina is said to want to be an executive chairman 'with a capital E', and Baker is known to have had doubts about the extent of his powers to direct strategy in the new regime.
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Stefano Pessina