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Larry J. Merlo Assumes Role of Chief Executive Officer of CVS Caremark
Tuesday, March 1, 2011
Merlo recognized for success in integrating major acquisitions, building collaborative teams and delivering outstanding results
WOONSOCKET, R.I., March 1, 2011 /PRNewswire via COMTEX/ -- CVS Caremark Corporation (NYSE: CVS) announced today that Larry J. Merlo has assumed the role of Chief Executive Officer. Merlo, now President and Chief Executive Officer of CVS Caremark, succeeds Thomas M. Ryan who will remain Non-Executive Chairman until his retirement at the company's Annual Meeting of Shareholders in May of 2011.
"After more than 20 years, I know this organization, its values, and our people's passion for serving our customers," said Merlo. "We are building on a strong foundation. CVS Caremark is the leader in providing integrated pharmacy health care. No one else has our combination of the largest chain of retail stores, a leading PBM, the fastest-growing retail health clinics, and a strong track record of health care innovation.
"We are now focused on delivering the promise of our integrated pharmacy health care model. We will more fully leverage our unique combination of assets by maximizing the potential of our pharmacy benefit management business, sustaining our retail leadership, continuing innovation to create new health care solutions and more consistently delivering financial and operational excellence. The entire CVS Caremark team is committed to delivering these results."
Merlo, a pharmacist by training with over 30 years in pharmacy health, joined CVS/pharmacy in 1990 through the company's acquisition of Peoples Drug. He has played a key role in the evolution of the Company from CVS/pharmacy, a large regional retail drug chain, to CVS Caremark, the nation's largest pharmacy health care provider. Merlo has the best industry track record of integrating major acquisitions. Under Merlo's leadership, CVS completed some of the most successful acquisitions in the history of retail pharmacy, including Longs Drug stores, Osco/Sav-on, Eckerd and Revco, and delivered significant organic growth in major markets across the country.
"Larry Merlo sets high expectations for his leaders, builds collaborative winning teams and establishes clear accountability in delivering results," said CVS Caremark Board Member David Dorman. "The Board has recognized this from his many accomplishments. Larry is the right leader to take CVS Caremark to an even higher level of performance."
CVS Caremark previously announced that upon Ryan's retirement as Chairman in May 2011, it intends to elect Dorman as the next Non-Executive Chairman of the Board of Directors of CVS Caremark at the 2011 Annual Meeting. Dorman has been on the CVS Caremark Board of Directors since 2006.
About CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States. Through our integrated offerings across the entire spectrum of pharmacy care, we are uniquely positioned to provide greater access, to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including more than 7,100 CVS/pharmacy(R) stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor(TM) program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's Web site at cvshealth.com.
Eileen Howard Boone
SOURCE CVS Caremark