Our new CEO: 20-year company veteran Larry Merlo

Our new CEO: 20-year company veteran Larry Merlo

Larry Merlo, the President and Chief Operating Officer of CVS Caremark, assumed the role of CEO of our company today.

A pharmacist by training, Merlo has been with the company for more than 20 years, joining CVS/pharmacy in 1990 through the acquisition of Peoples Drug. He has played a key role in the evolution of our company from a large regional chain to the integrated pharmacy health care company we are today. 

The first in his family to attend college, Larry has credited a favorite high school chemistry teacher with steering him toward what he calls his “life in pharmacy.”  Since his earlier career working directly with patients as a bench pharmacist, he has held positions of increasing responsibility and in 2007 was named president of CVS/pharmacy. Last year, he was named Chairman of the National Association of Chain Drug Stores -- here is a transcript of remarks he made to the 2010 NACDS annual meeting.

Earlier today, Larry said the following of his new role:

“After more than 20 years, I know this organization, its values, and our people’s passion for serving our customers. We are building on a strong foundation.  CVS Caremark is the leader in providing integrated pharmacy health care. No one else has our combination of the largest chain of retail stores, a leading PBM, the fastest-growing retail health clinics, and a strong track record of health care innovation.

“We are now focused on delivering the promise of our integrated pharmacy health care model. We will more fully leverage our unique combination of assets by maximizing the potential of our pharmacy benefit management business, sustaining our retail leadership, continuing innovation to create new health care solutions and more consistently delivering financial and operational excellence.  The entire CVS Caremark team is committed to delivering these results.”

Larry succeeds Tom Ryan, who will remain Non-Executive Chairman until his retirement at our annual shareholders meeting in May.