CVS Caremark Corporation, the largest pharmacy health care provider in the US, has recently announced that Larry Merlo, president and chief operating officer of CVS Caremark, will assume the role of CEO on March 1, 2011. Merlo replaces Thomas Ryan, who will remain non-executive chairman until his retirement in May this year.
“Since we announced our transition plan in May 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.”
Terry Murray, lead director, CVS Caremark, said, “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 bn in 1994 to the nation’s largest pharmacy health care provider with revenues approaching $100 bn. 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-yr tenure that differentiates CVS Caremark in the marketplace today.”
Merlo added, “I have worked directly with Tom for the past 20 years and I want to thank him for his mentoring and leadership. I’m confident we will continue to build on his legacy.”
– IndiaRetailing Bureau