WOONSOCKET, R.I., Aug. 22, 2011 /PRNewswire via COMTEX/ --
CVS Caremark (NYSE: CVS) today announced that Mark S. Cosby has been named President of CVS/pharmacy effective October 1, 2011. With more than 7,200 stores in 41 states, the District of Columbia, and Puerto Rico, CVS/pharmacy is one of the largest pharmacy chains in the United States.
Cosby, 52, most recently served as Macy's president of stores where he was responsible for all Macy's store operations and support functions nationwide.
"We're delighted that Mark is joining our team," said Larry J. Merlo, President and CEO of CVS Caremark. "His valuable experience at major retailers in operations and strategic planning makes him an excellent choice to lead our retail business going forward. I am confident that Mark will bring a strong vision, great energy, and new ideas to CVS/pharmacy as we continue to refine our model and introduce innovations that position us for ongoing success and industry leadership."
Cosby succeeds Merlo who led the company's retail business prior to taking over as CEO of CVS Caremark in March of this year. As President, Cosby will have responsibility for all aspects of the company's Retail business including its more than 7,200 retail stores, 19 distribution centers and award-winning e-commerce site as well as retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.
Previously, Cosby served as president and chief operating officer of Macy's East, and senior vice president for property development of Federated Department Stores. Earlier in his career, Cosby was president of full-line stores for Sears Roebuck & Co., chief operations officer of KFC, and chief development officer of Yum! Brands. Cosby began his career as a financial analyst for General Foods Corporation and earned his undergraduate degree in business and MBA from the University of Wisconsin.
"I am looking forward to this exciting new role," said Cosby. "My passion for the customer and broad retail experience has helped to prepare me for this and I am honored to lead this talented team of retail executives. What makes CVS/pharmacy extraordinary is its unique ability to improve the lives of millions of Americans by providing easy, innovative solutions and personalized pharmacy health care at their neighborhood drugstore. I am committed to driving profitable growth and furthering our retail leadership position."
About CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned 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 approximately 65,000 pharmacies, including more than 7,200 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor(TM) program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com/.
Eileen Howard Boone
SOURCE CVS Caremark