Wal-Mart Expands Direct-To-Employer Drug Trial
Bentonville, Ark. Wal-Mart Stores Inc. aims to expand a pilot with Caterpillar Inc. to negotiate drug prices for its 70,000 U.S. employees, retirees, and their spouses and children. The program launched two months ago.
The move is a part of an effort to cut costs in the supply chain, while expanding its low-cost prescription drug program.
Many companies, including Caterpillar, contract with pharmacy-benefits managers that negotiate prescription drug prices with vendors.
However, by bargaining directly with Wal-Mart, Caterpillar saved enough money that eligible employees who sign up for the program will not have to pay a co-payment to fill prescriptions for roughly 2,500 generic drugs.
New cfo named at Proctor & Gamble
CINCINNATI Jon Moeller, currently vp and treasurer of Proctor & Gamble, has been elected cfo, effective Jan. 1, 2009. Clayton Daley, Jr., vice chairman and cfo, will retire effective Sept. 16, 2009, after 35 years of service. He will step down as cfo on Jan. 1, 2009.
Moeller most recently served as treasurer of Proctor & Gamble where he established the capital structure, cash management and AA- credit rating that have put P&G in a strong financial position for the near and long term, the company reported.
Bacardi names new cfo
MIAMI Bacardi U.S.A. has named Michael Misiorski senior vp and cfo.
Misiorski joins Bacardi U.S.A. from Absolut Spirits Co. where he was vp of finance and cfo. While at Absolut, Misiorski led a number of departments including human resources and operations, and oversaw tax reporting, budgeting and a range of other responsibilities in addition to his financial role.