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Former SEC chairman Mary Schapiro joins CVS board

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WOONSOCKET, R.I. — CVS Health shareholders re-elected all 11 members of the company’s board and voted to elect Mary Schapiro, former chairman of the Securities and Exchange Commission (SEC), as a new director.

The elections took place Wednesday at CVS Health’s annual shareholders meeting at the company headquarters in Woonsocket, R.I.

Mary Schapiro_CVS Health board of directors

Mary Schapiro

Directors re-elected to the CVS Health board were Richard Bracken, C. David Brown, Alecia DeCoudreaux, chairman David Dorman, Nancy-Ann DeParle, Anne Finucane, Jean-Pierre Millon, Richard Swift, William Weldon, Tony White and CVS Health president and chief executive officer Larry Merlo.

“We welcome Mary’s extraordinary record of leadership and unmatched commitment to investor protection and sound financial policy,” Dorman said in a statement. “Her extensive knowledge of the U.S. financial and regulatory landscape and understanding of corporate governance and complex financial infrastructure will be of great value to the board and benefit to CVS Health and its stockholders.”

Schapiro served as SEC chairman from January 2009 to December 2012 and was the first woman to hold the post. Her four years at the SEC followed the 2008 financial crisis and marked one of the busiest rule-making agendas in the agency’s history. At the time, the SEC also implemented a restructuring program to improve protections for investors.

Before becoming SEC chairman,  Schapiro served as chief executive officer of the Financial Industry Regulatory Authority and, prior to that, was chairman of the Commodity Futures Trading Commission (CFTC) chairman and an SEC commissioner. She is the only person to have served as chairman of both the SEC and the CFTC.

Currently, Schapiro is the vice chair of the Promontory Advisory Board, part of Promontory Financial Group, a subsidiary of IBM Corp. She also serve as a director at General Electric Co. and the London Stock Exchange Group.


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