Pure Beauty

Boots CFO Michael Snape resigns after five years

By Alessandro Carrara | Published: 7-Jun-2023

Snape’s departure comes one year after Walgreens Boots Alliance abandoned its sale of Boots and the No7 Beauty Company

Boots’ CFO Michael Snape has stepped down after five years with the UK health and beauty giant.

He submitted his resignation in May and has been replaced by Sam Hunter, a finance executive for Boots.

Snape joined the Walgreens Boots Alliance-owned (WBA) business from supermarket chain Tesco in 2018, where he served as its International CFO.

"After almost five successful years at Boots, Michael Snape, Chief Financial Officer, Boots and No7 Beauty Company, has decided to leave the business,” a Boots spokesperson said.

“During his time at Boots, Michael played a key role in successfully transforming Boots and we wish him all the best for the future and in his next role.

It comes one year after WBA abandoned its sale of Boots and the No7 Beauty Company.

WBA said that offers from bidders at the time did not reflect the “high potential value” of the two businesses, despite “significant interest” from buyers.

Russia’s invasion of Ukraine was also a factor in the hampered sale, which has resulted in weakend global economic growth and a hike in inflation over the past year.

WBA took full control of Boots in 2014, following a two-step acquisition, along with the Boots-founded No7 beauty brand – which has been operating as a separate business since 2021.

More recently it emerged that Boots was the victim of a cyber attack which stole the personal information of its staff.

On 6 June 2023 the beauty retailer was listed among thousands of firms which were looking into whether its employee data was compromised.

This included names, addresses, bank details and national insurance numbers.

Zellis, a third-party payroll provider used by the organisations affected, was the target of the cyber attack.

You may also like