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CVS Health announces post-merger leadership change, new board members

BY Deena M. Amato-McCoy

On the heels of getting the green light from the U.S. Department of Justice to acquire health insurer Aetna, CVS Health appointed a new CFO, as well as three new board members.

Following the completion of the transaction, Eva Boratto will become executive VP and CFO of CVS Health. She is currently CVS Health’s executive VP, controller and chief accounting officer. She will replace Shawn M. Guertin, who has decided to step away for personal and family reasons. Guertin, Aetna’s executive VP, CFO and chief enterprise risk officer, was named CVS Health executive VP and CFO in June. Guertin will remain with CVS Health until June 2019 to help the combined company with integration and financial planning strategy. As previously disclosed, Aetna will be managed as a distinct operating entity within the CVS Health organization.

Boratto’s financial background spans more than 20 years, and includes senior positions in both the pharmaceutical manufacturing and PBM industries, along with other health care finance roles. She joined CVS Health in 2010 as senior VP, PBM finance, and later moved into her current role.

Prior to joining CVS Health, Boratto served in a number of executive positions at Merck & Co., including VP, U.S. market finance leader, with responsibility for financial oversight of Merck’s U.S. pharmaceutical market, and VP, investor relations.

CVS Health is also bolstering its board of directors. Following the merger, Edward Ludwig, Fernando Aguirre, and Roger Farah will join the CVS Health board.

Farah joined the Aetna board in 2007, chairs the compensation and talent management committee, and is a member of the executive and investment and finance committees. Aguirre joined Aetna’s board in 2011, chairs the nominating and corporate governance committee, and is a member of the executive and audit committees.

These executives, along with Mark Bertolini, Aetna’s current chairman and CEO, will bring the total number of CVS Health Board members to 16, according to the company.

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Charming Charlie makes three key executive appointments

BY Marianne Wilson
Charming Charlie, which emerged from bankruptcy protection in April, has made several changes at the executive level.
Rob Adamek, who has served as the company’s CFO since November 2016 has been promoted to COO. He will have responsibility for functions that provide operational support to stores, e-commerce, merchandising, and marketing.  In addition, he will have responsibility for legal, lease administration, indirect procurement, loss prevention, and facilities,
“Rob has played a critical leadership role through some of the most challenging times we have experienced as a company,” said Lana Krauter, CEO of Charming Charlie.  “He understands the culture of this business and what we are trying to accomplish, not just today, but years down the road.”
In addition, the retailer announced the appointment of Joy Garcia as senior VP and chief marketing officer. She replaces Sheila Field, who has served in the role on an interim basis since February 2018 and is transitioning to the Charming board.
Garcia was previously with Stage Stores where she was group VP of customer and brand marketing. She has also served as the director of marketing for Dell consumer and small business in North and South America, and led customer marketing efforts in a number of roles for Travelocity.
Finally, the company said that Jason Warr, VP of eCommerce, would also oversee the brand’s digital marketing efforts. Warr, who joined Charming Charlie in April 2018, previously spent more than 20 years with Sears, ultimately as a divisional VP and general manager for apparel and online marketing.
Houston-based Charming Charlie operates some 260 U.S. stores. It closed about 100 locations after filing for bankruptcy in December 2017.
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Sears’ new board member brings timely expertise

BY Marianne Wilson

Sears Holdings Corp. has named a board member whose experience may come in handy in the near future.

The struggling retailer announced that Alan J. Carr, managing member and CEO of restructuring advisory firm Drivetrain, has joined its board. Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe.

“Alan brings deep experience as a director for companies that went through complex organizational change,” stated Sears CEO Eddie Lampert. “We are pleased to welcome him to the board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders.”

The appointment comes as Sears approaches a key debt payment, and as a special committee to the board is evaluating a proposal from Lampert’s ESL Investments hedge fund that would essentially translate into a wholesale financial restructuring of the company but without a Chapter 11 filing.

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