WOONSOCKET – Larry J. Merlo took over as CEO at CVS Caremark Corp. on Tuesday for Thomas M. Ryan, as part of a previously announced transition strategy.
Ryan will stay on as the nonexecutive chairman until his retirement at the May annual shareholders meeting.
Merlo, previously president and chief operating officer, will continue his duties as both president and CEO; there is no replacement being made to the COO position, CVS confirmed to Providence Business News.
“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,” said Merlo, a pharmacist by training, in a news release on March 1.
Merlo joined CVS/pharmacy in 1990 through the company’s acquisition of Peoples Drug, the company said, noting that under Merlo’s leadership CVS has acquired Longs Drug stores, Osco/Sav-on, Eckerd and Revco.
Once Ryan retires in May, David Dorman, a member of the CVS Caremark board of directors since 2006, is slated to take over as the nonexecutive chairman.
