Citi: CVS Caremark Appoints Former WMT Executive As President Of CVS/Caremark

CVS Caremark CVS appointed Hank Mullany as President of CVS/Pharmacy effective December 6. Mr. Mullany was the former EVP and President of Walmart North and was responsible for 1,300 stores across 19 states. He will succeed Larry Merlo, President and COO, CVS Caremark, who will be taking over as CEO when Tom Ryan retires prior to the company's next annual meeting. Citi has known Mr. Mullany throughout much of his career and know he will be a great fit, as the company seeks to grow its retail pharmacy business and further its industry leadership. Mullany has nearly 30 years o f retail experience, and has a background in operations, finance (he has his CPA) and strategic planning. In January 2010, he was promoted to EVP and President of Walmart North, after serving as President of the Northeast Division of Walmart U.S. previously. Citi has a Buy rating on CVS CVS closed Friday at $32.42