CVS Announces CEO Succession

CVS Caremark CVS, today announced that Chairman, President and Chief Executive Officer Thomas M. Ryan will retire from his position as CEO at next year's Annual Meeting of Shareholders in May 2011. The BOD is appointing Larry J. Merlo, 54, as President and Chief Operating Officer, and anticipates Mr. Merlo will succeed Mr. Ryan as CEO. Mr. Merlo, a seasoned executive with 31 years of experience, including 20 with CVS, is also being elected to the Company's Board of Directors. Effective immediately, Mr. Merlo will assume additional responsibilities, including Human Resources, Legal, Corporate Compliance, and Government Relations. He most recently served as Executive VP of the Company and President of its CVS/pharmacy retail operations. CVS is initiating a search for Mr. Merlo's successor, he will continue to hold this responsibility until a successor is chosen.