Drugstore operator and pharmacy benefits manager CVS Caremark Corp. (CVS) said Thursday that it has appointed David Denton as Executive Vice President and Chief Financial Officer, effective January 1.
Denton, who is currently the company's Senior Vice President, Controller and Chief Accounting Officer, will succeed David Rickard who announced in February this year his intention to retire as CFO. Denton joined the company in 1999.
The selection of Denton as Chief Financial Officer ends an eight month search that included both internal and external candidates, CVS said in a statement.
Laird Daniels, most recently the company's Vice President of Finance and Retail Controller for CVS/pharmacy, will be replacing Denton as Controller and Chief Accounting Officer of CVS Caremark. Daniels joined the company in 1997.
Separately, CVS Caremark said that its Board of Directors has approved a new stock buyback program to repurchase up to $2 billion of its common stock. The authorization, which is effective immediately, expires at the end of 2011.
Earlier Thursday, CVS Caremark reported a 39% rise in its third quarter profit, reflecting double-digit segmental revenue growth.
Net income available to the common shareholders for the third quarter rose to $1.02 billion or $0.71 per share from $732.5 million or $0.50 per share in the prior-year quarter.
Income from continuing operations for the quarter increased to $1.02 billion or $0.71 per share from $818.8 million or $0.56 per share a year ago.
Adjusted earnings from continuing operations for the quarter increased to $1.01 billion or $0.76 per share from $877.5 million or $0.60 per share in the year-ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share. Analysts' estimates typically exclude special items.
Net revenues for the third quarter rose 18.1% to $24.64 billion from $20.86 billion in the year-ago quarter, and beat analysts' consensus revenue estimate of $24.61 billion.
Looking ahead, the company said it now expects full year 2009 adjusted earnings to be $2.61 to $2.64 per share, compared to its prior guidance of $2.59 to $2.64 per share. Analysts currently expect the company to report earnings of $2.62 per share for the year.
During a conference call with analysts, CVS Chief Executive Officer and Chairman Tom Ryan said the company's pharmacy benefits management business lost $3.7 billion in contracts in the third quarter. The $3.7 billion in lost contracts brings this year's total to $4.8 billion, Ryan said.
Ryan also said Howard McClure, President of Caremark Pharmacy Services, will be retiring effective November 27. Ryan said he will take over McClure's role on an interim basis while the company conducts a search.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.