Fagan, who has acted as non-executive chair for Boots since September 2018, has stepped down to pursue a broader non-executive portfolio, according to Insider Media.

Her departure comes amid speculation that Wagreens Boots Alliance owner Stefano Pessina is considering taking the company private, and has reportedly been approached by private equity firm KKR in what could be the largest leveraged buyout on record.

Fagan steps down after a long career Boots, having first joined as a group buyer in 1983, a role she held until 1991.