Walgreens on Thursday named retail veteran Mike Motz as its chief executive officer after the U.S. pharmacy chain was taken private by Sycamore Partners, marking a fresh chapter for the company that has been struggling to keep pace with rivals.

The management shake-up came on the heels of Sycamore's roughly $10 billion acquisition of Walgreens Boots Alliance, completed earlier in the day.

Motz, previously the CEO of office supplies chain Staples' U.S. retail business, will succeed Tim Wentworth and steer the ailing pharmacy operator as it shifts its focus back on core retail and pharmacy operations. He had also worked as the president of Canadian pharmacy chain Shoppers Drug Mart.

Walgreens has struggled to expand beyond its pharmacy business and diversify into broader healthcare servic

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