WOONSOCKET, R.I.–Larry Merlo, president and chief operating officer of CVS Caremark, will assume the role of chief executive officer, effective March 1, 2011, the company said this morning. Thomas M. Ryan will remain non-executive chairman until his retirement this May.
“Since we announced our transition plan in May of last year Larry and I have worked hard to successfully transition roles and responsibilities, and Larry is ready to be CEO,” said Ryan. “After 37 years with our company and 16 years as president, I am more confident than ever that our assets along with our innovative products and services are lowering healthcare costs and improving outcomes. . . I am so proud of all the work we have accomplished together, and remain confident that this success will continue well into the future under Larry’s leadership.”
According to Terry Murray, lead director of CVS Caremark, under Ryan’s leadership, CVS evolved from a regional drug store chain with revenues of $5 billion in 1994 to the nation’s largest pharmacy health care provider with revenues approaching $100 billion.