CVS awarded $3 billion federal employee health benefit contract
New York City — CVS Caremark Corp. won a $3 billion contract to provide pharmacy benefits to federal employees.
The contract has been handled by pharmacy benefits manager Medco Health Solutions since 2008. Medco disclosed on Friday that Blue Cross Blue Shield Association would not renew a contract that saw Medco handle mail order and specialty drug benefits for the Federal Employees Health Benefits Program, which provides health insurance to federal government employees, retirees, and their families.
Caremark has handled FEP’s retail pharmacy benefit since 1993, and it said that contract was renewed through 2014.
Footlocker makes mid-year executive moves
Richard Johnson and Robert McHugh have seen their responsibilities expanded at Foot Locker, as the footwear retailer looks to enhance its focus on its retail and direct-to-customer business segments.
The company said it would consolidate the reporting of all its retail store businesses under Johnson, who was promoted to EVP and group president of retail stores with responsibility for all domestic and international banners. Johnson previously served as president and CEO of the company’s U.S. division, and he picks up international responsibility as Ronald Halls prepares to retire as head of that division later this summer.
McHugh was promoted to EVP operations support with responsibility for information systems, technology, real estate, logistics, sourcing and something called Team Edition. McHugh previously served as CFO. Meanwhile, the company’s direct-to-customer business segment now reports directly to chairman, president and CEO Ken Hicks.
“This senior management reorganization will allow us to focus our key business units on improving our execution and continue to build on the success of our businesses,” Hicks said. “In particular, consistent with our strategic priorities, it will also enable us to strengthen our brands and put more emphasis on our high potential growth areas of .com and international development."
In other moves, Lauren Peters was named EVP and CFO to replace McHugh who had held that position since 2005. Peters was previously the company’s SVP of strategic planning.
Footlocker operates 3,400 stores in 22 countries.
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Footwear chain confirms female CEO
Leader footwear retailer Brown Shoes Company officially has a new president and CEO following its annual shareholders’ meeting. Diane Sullivan was named to both roles back in January, but the company implemented the change gradually as Sullivan assumed responsibilities from Ronald Fromm, who will continue to serve as chairman of the company best known for its Famous Footwear and Naturalizer store banner.
Sullivan joined Brown shoe in 2004 as president and COO after spending four years as vice chairman of the footwear group at Phillips-Van Heusen. Prior to that she served as president and COO of Stride Rite and as a VP product and marketing at The Rockport Company.
“In my first few months I am prioritizing the identification of opportunities to strengthen the alignment of our businesses with our key consumer focus areas of healthy living, contemporary fashion and family – and in doing so increase our connection with customers and drive shareholder value,” Sullivan said. “Together with my leadership team and the tremendous Brown Shoe talent around the globe, I’m committed to building on our great foundation to further the momentum of the past year as we inspire people to feel good and live better, feet first.”
Brown Shoe is a $2.7 billion global footwear company that operates more than 1,100 Famous Footwear and 250 Naturalizer stores while its wholesale division designs and markets brands such as Dr. Scholl’s, LifeStride, Sam Edelman, Franco Sarto, Via Spiga, Etienne Aigner, Vera Wang Lavender, Avia, ryka, AND 1, and Buster Brown.
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