CVS Caremark Corp. (CVS) said Chairman, President and Chief Executive Officer Thomas Ryan will retire from his position as Chief Executive Officer of the company at next year's Annual Meeting of Shareholders in May 2011.
The company's Board of Directors is appointing Larry Merlo as President and Chief Operating Officer, and anticipates Merlo will succeed Ryan as CEO. Merlo is also being elected to the company's Board of Directors. Effective immediately, Merlo will assume additional responsibilities, including Human Resources, Legal, Corporate Compliance, and Government Relations. He most recently served as Executive Vice President of the Company and President of its CVS/pharmacy retail operations.
The Company also said that to facilitate the transition it has formed an Office of the Chairman including Ryan, Merlo and Per Lofberg, President of Caremark Pharmacy Services, the Company's pharmacy benefit management business.
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