Shareholders approve CVS/Caremark board

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WOONSOCKET – CVS/Caremark Corp. (NYSE: CVS) says preliminary results from the annual stockholders meeting yesterday indicate the company’s full slate of nominees was elected to its board of directors.

The 14 people elected were E. Mac Crawford, chairman of CVS/Caremark Corp.; Thomas M. Ryan, president and CEO of CVS/Caremark Corp.; Edwin M. Banks, founder of Washington Corner Capital Management LLC; C. David Brown II, chairman of Broad and Cassel; David W. Dorman, senior advisor and partner at Warburg Pincus LLC; Kristen E. Gibney Williams, a former executive in the prescription benefits management division of the old Caremark Rx; Roger L. Headrick, managing general partner of HMCH Ventures and president and CEO of ProtaTek International Inc.; Marian L. Heard, president and CEO of Oxen Hill Partners; William H. Joyce, chairman and CEO of Nalco Co.; Jean-Pierre Millon, former president and CEO of PCS Health Systems Inc.; Terrence Murray -former chairman and CEO of FleetBoston Financial Corp.; C.A. Lance Piccolo, CEO of HealthPic Consultants Inc.; Sheli Z. Rosenberg, former vice chairman, president and CEO of Equity Group Investments LLC; and Richard J. Swift, former chairman, president and CEO of Foster Wheeler Ltd.
The new board members “bring extensive experience with both CVS and Caremark,” Crawford said in a statement yesterday. Added Ryan: “This is an exciting time for our company. … Today, our shareholders affirmed their support for the course we have set.”
Preliminary results indicate shareholders yesterday followed board recommendations in their votes in favor of ratifying the appointment of KPMG LLP as the company’s accounting firm for current fiscal year, which ends Dec. 29, and of adopting the company’s 2007 employee stock purchase and incentive plans. They also followed the board’s lead in rejecting shareholder proposals regarding, the company’s relationship with consultants, sustainability reporting and limits on CEO compensation.
Votes on two other shareholder proposals – one regarding separation of the roles of chairman and CEO and the other regarding the company’s policy on stock-option grants – were still being tabulated.
CVS/Caremark Corp. (NYSE: CVS) operates 6,200 CVS/pharmacy stores; the CVS.com online pharmacy, the pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; and a retail-based health care subsidiary, MinuteClinic. Additional information is available at investor.cvs.com.

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