CVS chief executive to retire in 2011, succession plan in place
Woonsocket, R.I. CVS Caremark Corp. said Wednesday chairman and CEO Thomas M. Ryan will retire next year, and its board has picked company executive Larry J. Merlo to succeed him.
The drug store chain says Ryan plans to step down in May 2011. The board appointed Merlo, 54, president and COO, and anticipates he will replace Ryan as CEO.
Merlo also will be elected to the company’s board. He has 20 years of experience with CVS. He served recently as company executive VP and president of its CVS/pharmacy retail operations.
Ryan, 58, has been with CVS for 36 years, including 16 years as president. He said in a statement from the company their plan provides for a “smooth, seamless transition in the leadership of CVS Caremark,” and he felt it was the right time to move forward with it.
The company has formed an office of the chairman to help with the transition. It includes Ryan, Merlo and Per Lofberg, president of the company’s pharmacy benefit management business, Caremark Pharmacy Services.
CVS Caremark operates 7,063 drug stores around the country.
Clarke confirmed as Asda CEO
BENTONVILLE, Ark. Walmart officially named Andy Clarke as head of its Asda unit in the United Kingdom, ending speculation that began last week following former CEO Andy Bond’s unexpected decision to relinquish the top job. Bond will remain as chairman, and Clarke assumes the role of president and CEO immediately. Clarke is an Asda veteran who joined the company in 1992 and progressed through a variety of roles that began with store manager. He left the company for a brief period from 2001 to 2005 to join Matalan, but returned to Asda as a retail director and was named COO in 2007. Bond said Clarke was the right choice for the job following a review of internal and external candidates.
Commenting on the leadership transition, Walmart international division president and CEO Doug McMillon said, “At Walmart and at Asda, we have a robust succession planning and talent development process and Andy Clarke has long been identified as a leader. He is the ideal person for the job and this will be a seamless leadership change.”
Target donates $2.3M to Feeding America
MINNEAPOLIS Target announced that it is donating $2.3 million to Feeding America to fund a school food pantry pilot program and its future expansion to more schools nationwide. The program, ‘Meals for Minds,’ is a partnership with Feeding America and local food banks that will bring food to schools to feed students and families most in need, the company reported. Target also is committing $1.2 million on top of the $2.3 million, to local food banks across the country to support other school-based food programs. The company also is projected to donate more than 20 million pounds of food to children and families in need in 2010.
“Through ‘Meals for Minds’ and our ongoing partnership with Feeding America and local food banks, Target is helping children focus on learning and their educational future — not on how or when they will get their next meal,” says Laysha Ward, president of community relations for Target. “Early results of the pilot are encouraging and we’re excited to expand the program to even more schools.”
Target began piloting the “Meals for Minds” school pantry program this spring in Minneapolis/St. Paul, Miami, Baltimore, Los Angeles and Chicago. The pilot schools were selected by participating food banks, in cooperation with local schools. At each school, 65% to 90% of students qualify for participation in the Free and Reduced Lunch program.