January 18, 2011
CVS Caremark Announces Interim Leadership for Retail Business
WOONSOCKET, R.I., Jan. 18, 2011 /PRNewswire-FirstCall/ -- CVS Caremark (NYSE: CVS) today announced that it has appointed its two highest ranking retail executives to jointly lead its CVS/pharmacy business, reporting directly to Larry Merlo, President and Chief Operating Officer of CVS Caremark. Effective immediately, Mike Bloom, EVP Merchandising and Supply Chain, and Scott Baker, EVP Internal Operations and Real Estate, will take over the management of the company's retail business for its 7,100 stores across the country. Bloom and Baker are assuming these responsibilities on an interim basis pending completion of the Company's previously announced search for a new President of CVS/pharmacy.
Mike Bloom is a seasoned retail executive with more than 30 years of retail experience, 20 of them with CVS/pharmacy. As the senior CVS/pharmacy executive with direct oversight for merchandising and supply chain activities, Bloom leads an integrated end-to-end network managing store layout as well as the selection, purchasing, inventory and supply of product throughout the company's retail locations as well as managing the company's visual merchandising and pricing departments. In addition to his current role, Bloom will now assume responsibility for advertising and marketing.
Scott Baker, whose tenure with CVS/pharmacy spans more than 25 years, has held a variety of important senior roles including SVP of Retail Operations and head of the company's East retail field operations. Baker, a pharmacist by training, will now assume responsibility for all of the company's retail field organizations and pharmacy operations.
"As the company's succession planning process moves forward and I have assumed more enterprise-wide responsibilities, we made the decision to delegate the day-to-day operations of our Retail business to two of our most senior retail executives," noted Merlo. "What has remained clear throughout our search for a new President of CVS/pharmacy is that we are very fortunate to have a strong, stable group of senior leaders supporting our business. This team of individuals has helped shape our direction and deliver industry-leading results and has consistently demonstrated the highest levels of leadership and teamwork. I expect this success to continue into the future as Mike and Scott lead the retail organization."
The company also announced that it has made the decision to resume its search for a new President of CVS/pharmacy. Merlo added, "I am confident we will find the right individual for this important role."
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/pharmacyÃ® 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.
Contacts: Eileen Howard Dunn Corporate Communications (401) 770-4561 Carolyn Castel Corporate Communications (401) 770-5717 [email protected] Nancy Christal Investor Relations (914) 722-4704
SOURCE CVS Caremark