WOONSOCKET, R.I., Jan. 24, 2011 /PRNewswire-FirstCall/ -- CVS
Caremark Corporation (NYSE: CVS) today announced the next stage of
its transition plan outlined during its Annual Shareholders meeting
last year. After the successful transition of day-to-day
responsibilities for the company's retail operations earlier this
month, the company has announced that Larry
Merlo, President and Chief Operating Officer of CVS
Caremark, will assume the role of CEO effective March 1, 2011. Thomas M.
Ryan will remain Non-Executive Chairman until his retirement
at the company's Annual Meeting of Shareholders in May of 2011.
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"Since we announced our transition plan in May of last year
Larry and I have worked hard to successfully transition roles and
responsibilities, and Larry is ready to be CEO," said Ryan. "After
37 years with our company and 16 years as President, I am more
confident than ever that our assets along with our innovative
products and services are lowering healthcare costs and improving
outcomes. Our success took years of hard work, commitment and
dedication to our mission from the more than 200,000 CVS Caremark
colleagues we have across the company. I am so proud of all the
work we have accomplished together, and remain confident that this
success will continue well into the future under Larry's
leadership."
Terry Murray, Lead Director of
CVS Caremark, commented, "On behalf of the company's Board of
Directors, I would like to thank Tom for all he has done for CVS
Caremark. Under his leadership, CVS has evolved from a regional
drug store chain with revenues of $5
billion in 1994 to the nation's largest pharmacy health care
provider with revenues approaching $100
billion. And along the way Tom has built a culture
focused on innovation, customer service and flawless execution. It
is the culture Tom fostered over his 37-year tenure that
differentiates CVS Caremark in the marketplace today."
Merlo added, "I am grateful for the opportunity to lead this
company. As the nation's premier integrated pharmacy health care
provider we have a tremendous opportunity to make a difference in
the lives of those we serve. I look forward to continuing our
positive momentum and to further enhancing the long-term value of
our company. I've worked directly with Tom for the past twenty
years and I want to thank him for his mentoring and leadership and
am confident we will continue to build on his legacy."
The company also announced that upon Ryan's retirement as
Chairman in May 2011, its intention
is to elect David 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. Since May
2008, he has served as the Non-Executive Chairman of the
Board of Directors of Motorola, Inc. (which was recently renamed
Motorola Solutions, Inc. in connection with the separation of
Motorola Mobility Holdings, Inc.). Mr. Dorman will transition
to the position of Lead Director of Motorola Solutions, Inc. in
May 2011. He was previously Chairman
and Chief Executive Officer of AT&T Corporation from
November 2002 to November 2005.
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 more than 64,000 pharmacies,
including approximately 7,100 CVS/pharmacy® stores that provide
unparalleled service and capabilities. Our clinical expertise
includes one of the industry's most comprehensive disease
management programs. General information about CVS Caremark is
available through the Company's Web site at
http://info.cvscaremark.com.
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Contacts:
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Eileen Howard
Boone
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Corporate
Communications
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(401) 770-4561
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Carolyn Castel
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Corporate
Communications
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(401) 770-5717
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ccastel@cvs.com
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Nancy Christal
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Investor
Relations
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(914) 722-4704
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SOURCE CVS Caremark Corporation