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UPDATED: Boots CFO Michael Snape quits after five years in role

The chief financial officer (CFO) of Boots has quit after almost five years at the multiple, it has announced.

The multiple confirmed to C+D today (June 6) that Boots & No7 Beauty Company CFO Michael Snape “has decided to leave the business” after “almost five successful years” with the company.

“During his time at Boots, [Mr Snape] played a key role in successfully transforming Boots and we wish him all the best for the future and in his next role," a Boots spokesperson said.

They added that Sam Hunter has been promoted into the CFO position to succeed Mr Snape, after 12 years with the business. 
The multiple wished Mr Hunter “every success in his new role”, adding that he brings “a wealth of experience in financial leadership roles”. 

It remains unclear when Mr Snape formally left his role as Boots CFO and why he decided to resign.


Boots hit by a “global data vulnerability”


It comes as Boots confirmed it has been affected by a “global data vulnerability” that included the personal details of some of its staff.

The multiple told C+D today (June 6) that the incident “affected a third-party software” called MOVEit, used by one of the multiple’s payroll providers, Zellis.

Read more: UPDATED: Boots hit by ‘global data vulnerability’ affecting staff members’ personal data

It is as yet unclear how many team members were affected and whether the incident affected all Boots branches, including both corporate and pharmacy staff. What personal data was exposed also remains unclear.

A spokesperson for Zellis confirmed to C+D today that “a large number of companies” worldwide were “affected by a zero-day vulnerability” in MOVEit, which is owned by Progress Software.

Zellis is “actively working to support” the “small number” of its own customers that were impacted by the “global issue”, they said.

Read more: What you need to know about new patient data safety recommendations

The payroll provider took “immediate action” once it became aware of the incident, “disconnecting the server” that uses MOVEit software and “engaging an expert external security incident response team to assist with forensic analysis and ongoing monitoring”, the spokesperson added.

Zellis also notified the Information Commissioner’s Office (ICO), Data Protection Commission (DPC) and the National Cyber Security Centre (NCSC) in the UK and Ireland, the spokesperson said.


£15 million post-tax


The news follows the publication of Boots’ most recent financial documents last month, where it recorded post-tax profits of £15 million for 2022. The multiple had fallen more than £100m into the red in 2021, the documents showed.

Boots’ full accounts made up to August 31 2022, published on Companies House on May 25, revealed that the multiple’s post-tax profits increased by £126m compared with the previous year.

Read more: Boots recoups losses as post-tax profits rocket to £15m

This was mainly due to a £47m improvement in its operating profits – up from £8m in 2021 to £55m in 2022 – and a “lower tax provision” of £64m mainly thanks to tax rate changes, the report said.
Meanwhile, C+D exclusively revealed last month (May 26) that Lloydspharmacy CEO Kevin Birch has “stepped back from his operational role” at the multiple.

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