CVS Honored for Mature Worker Initiatives
Woonsocket, R.I., CVS/pharmacy announced Friday that it has received the 2007 American Society on Aging Business and Aging Award. The award distinguishes large and small businesses that develop winning programs for senior workers, and how “rethinking aging” has contributed to their success.
CVS was honored for its successful initiatives to recruit, train and retain older workers, as well as for its efforts that encourage mature workers to pass along their knowledge to younger employees.
“Not only does CVS provide a great opportunity for mature workers, but the initiative makes good business sense for us,” said V. Michael Ferdinandi, senior VP, human resources, for CVS. “They have the loyalty and work ethic we’re looking for, they understand the needs of our customers, they are committed to customer service, they bring unique skills and experience, and they help diversify our workforce.”
Through its programs and partnerships, the pharmacy chain has increased its percentage of employees aged 50 and older from 7% in the early 1990s to more than 17% today.
Victoria’s Secret Names New CEO
Columbus, Ohio, Limited Brands Inc. on Monday announced that Lori Greeley will replace Grace Nichols as CEO of Victoria’s Secret Stores. Greeley is currently executive VP and general merchandising manager of intimates for Victoria’s Secret.
The retirement of Nichols, a 20-year Limited veteran, from the CEO post was announced in May 2006. She will take a new role supporting initiatives within Victoria’s Secret, including the growth of its Intimissimi brand.
Additionally, Mark Weikel, COO of Victoria’s Secret Stores, will add the title of president.
New Home Depot CEO Could Earn $8.9M
Atlanta, The Home Depot Inc.’s new CEO could earn as much as $8.9 million in total compensation this year, the retailer said in a regulatory filing Wednesday. Frank Blake’s compensation is smaller than the roughly $24 million a year on average that former CEO Robert Nardelli received.
According to Wednesday’s filing with the Securities and Exchange Commission, Blake will earn a base salary this year of $975,000. He also could be entitled to a management incentive-plan award equal to double his base salary and a long-term incentive award equal to his base salary.
The filing says Blake’s compensation for 2007 also includes up to $5 million in equity in the company based on how Home Depot’s share price performs and the amount of total shareholder return.