A former executive at the firm that owns Boots is in talks to join the board of Russian oligarch Mikhail Fridman’s Luxembourg headquartered investment vehicle LetterOne.
Former Walgreen Boots Alliance co-COO Alex Gourlay is in advanced talks to become a non-executive director at LetterOne after stepping down from the pharmacy owner earlier this year, Sky News reported.
LetterOne was founded in 2013 by Fridman and others, including Alfa Bank chief Petr Aven, using funds from the sale of the magnate’s $56bn (£53bn) stake in Russian oil company TNK-BP.
Fridman and Aven stepped down from their positions at LetterOne in February after both men were frozen out of receiving any income from the fund due to sanctions imposed on them in response to Russia’s invasion of Ukraine.
If finalised, Gourlay is set to become one of several new board members, sat alongside incumbent chairman and former Labour government minister Mervyn Davies.
Gourlay’s appointment could in turn come as a boost to health food shop Holland & Barrett, which was acquired by LetterOne in 2017.
LetterOne last week reportedly offered to purchase £900m of Holland & Barrett’s debt in a bid to shore up the vitamin seller’s balance sheet.
LetterOne declined to comment.