McKesson joins Bay Area companies like Bechtel, Jamba Juice and the North Face, which are leaving as the cost of living and taxes rise. Texas, which doesn’t have an income tax, has been a popular destination for corporate California, drawing the likes of Toyota.
“We are excited to strengthen our presence in Texas and make Las Colinas our official global headquarters,” said John Hammergren, CEO of McKesson, in a statement. “Making this move will improve efficiency, collaboration and cost-competitiveness, while providing an exceptional work environment for our employees.”
The company said it will continue to employ more than 1,400 workers in California, including McKesson Ventures and a tech team for an oncology subsidiary. The move is part of McKesson’s goal to cut costs by $300 million to $400 million by the end of fiscal year 2021.