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CVS Caremark unveils timetable for succession

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WOONSOCKET, R.I. — CVS Caremark Corp. president and chief operating officer Larry Merlo will take over as chief executive officer on March 1, the company said late last month.

CVS Caremark Corp. president and chief operating officer Larry Merlo will take over as chief executive officer on March 1, the company said late last month.

Merlo says he is ready to take the reins.

"I am grateful for the opportunity to lead this company," he says. "As the nation’s premier integrated pharmacy health care provider we have a tremendous opportunity to make a difference in the lives of those we serve."

Tom Ryan, who has been the company’s top executive for the last 16 years, will remain as nonexecutive chairman until his retirement at CVS Caremark’s shareholders meeting in 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. "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."

CVS Caremark says that after Ryan retires, David Dorman, a member of the company’s board of directors since 2006, will take over as nonexecutive chairman.


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