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CVS' long-time CEO steps down

This article was originally published in The Rose Sheet

Executive Summary

CVS Caremark Corp. Chairman, President and CEO Thomas Ryan will retire from the CEO post in May 2011, the Woonsocket, R.I.-based firm said May 12. Ryan has been with CVS for 36 years, serving 16 years as president. The firm says its board expects Larry Merlo, a 20-year CVS veteran and president of CVS/pharmacy retail operations, to succeed Ryan as CEO. Merlo will continue to serve in his current capacity until the company finds a successor. The firm also announced it formed the Office of the Chairman to aid in the transition; the office will include Ryan, Merlo and Per Lofberg, president of Caremark Pharmacy Services
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