CVS board leader steps down, successor named

WOONSOCKET – CVS Caremark Corp., the second-biggest U.S. drugstore chain, said last Monday that director Roger Headrick stepped down from the board amid calls from a shareholder group for his resignation, Bloomberg News Service reported last week.
William Joyce will succeed Headrick as chairman of the audit committee, the company said in a filing with the U.S. Securities and Exchange Commission.
Headrick faced criticism from CTW Investment Group, which advises unions on shareholder issues, because investors didn’t like how Caremark Rx Inc. carried out its sale to CVS Corp.
Headrick, a former independent Caremark director, survived a shareholder vote in May.
“This is a benchmark in terms of having authentic election of directors and ensuring elector accountability,” Bill Patterson, director of the CTW, said in an interview.
Headrick, who joined the Caremark board in 1996, said in an interview his decision had nothing to do with the calls for his resignation.
“I have a lot of other things to do that I’m involved in and want to pursue,” he said.