WOONSOCKET – CVS Corp. today announced that Tom Ryan, its chairman of the board, president and chief executive officer, to exercise soon-to-expire options and retain stocks.
It said Ryan has initiated a 10b5-1 plan for pre-planned sales of stock. The plan calls for the exercise of 782,640 options; after paying taxes and acquisition costs out of the cash proceeds, Ryan is to retain the remaining shares, receiving no cash.
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As the company reported in its proxy statement for the 2006 annual stockholders’ meeting, Ryan owned about 7.8 million CVS shares as of March 2. He has sold no CVS stock and exercised no options since that time, CVS said.
CVS Corp. (NYSE: CVS), the nation’s largest pharmacy, operates about 6,200 retail and specialty pharmacies in 43 states and the District of Columbia. Besides its CVS/pharmacy stores and CVS.com online pharmacy, its subsidiaries include retail-based MinuteClinic and pharmacy benefit management, mail order and specialty pharmacy PharmaCare.
The company last month agreed to merge with Nashville-based pharmaceutical services provider Caremark Rx Inc. (NYSE: CMX), to form the Woonsocket-based CVS/Caremark Corp. Together, CVS and Caremark have more than 180,000 employees and $75 billion in annual revenue. Additional information is available at www.cvs.com.
