FLINT, Mich. — Former Walgreens and Sears Holdings Corp. executive Atul Kavthekar has joined Diplomat Pharmacy Inc. as chief financial officer and treasurer.
Diplomat said Tuesday that Kavthekar, most recently CFO of e-commerce retailer LivingSocial Inc., will start in the role on May 1.
As Diplomat CFO, Kavthekar will lead financial operations and investor relations, as well as oversee management of liquidity, balance sheet risk and capital market transactions to ensure the company remains well-positioned to capitalize on growth opportunities, according to Diplomat. He will report directly to Phil Hagerman, chairman and chief executive officer.
“I have long been an admirer of the company and look forward to adding to the company’s strong reputation as a leader in the specialty pharmacy industry,” Kavthekar said in a statement. “As the leading independent specialty pharmacy, Diplomat has tremendous opportunity, and I look forward to contributing to its success.”
Kavthekar brings more than two decades of financial experience to Diplomat, the nation’s largest independent specialty pharmacy. He served as CFO of LivingSocial from June 2015 to December 2016. Before that, he was CFO and head of corporate development for health and wellness solutions at Sears Holdings, including Kmart, from December 2013 to May 2015. Kavthekar held executive roles at Walgreens from December 2009 to December 2013, most recently serving as division finance officer for Walgreens e-commerce.
Diplomat noted that Kavthekar also brings extensive mergers-and-acquisitions and capital markets experience as an investment banker.
“I couldn’t be more excited to welcome Atul to the Diplomat team,” Hagerman stated. “He is highly qualified to lead our finance and accounting teams. In addition to his previous CFO experience, Atul has a deep background in financial management, operational improvement and company leadership, as well as strategic corporate and business development.
“Atul is an exceptional choice to take on the CFO role,” Mr. Hagerman added. “I am confident his addition to the Diplomat leadership will position us well for the future, and I am so pleased to have him on board.”