Alliance Boots HR director Mike Cutt has become the latest executive to walk away from the health and beauty retailer in the wake of its £11bn private equity takeover.
Personnel Today understands that Cutt will leave the company after declining a position under new executive chairman Stefano Pessina.
Pessina and US private equity firm Kohlberg Kravis Roberts took the former FTSE 100 company into private ownership last month. Richard Baker stepped down as chief executive just two weeks ago, reportedly walking away with a multi-million pound pay-off on top of a seven-figure sum made from the takeover.
Cutt joined Boots in October 2005 from DIY retailer B&Q, where he was HR director for five years. He has featured regularly in Personnel Today’s Top 40 Power Players, coming 28th this year.
Boots has appointed an acting HR director, and will recruit externally for a permanent replacement.
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