Retail News Breaks
Cosby named CVS/pharmacy president
August 22nd, 2011
Woonsocket, R.I. – CVS Caremark Corp. has named Mark Cosby, a department store executive, to head its retail pharmacy business, effective October 1.
The appointment brings to a close the protracted search for a successor to Larry Merlo, who relinquished day-to-day oversight of the 7,200-store drug chain to become president and chief executive officer of the entire CVS Caremark operation in March 2011.
The 52-year-old Cosby had been president of stores at Macy’s Inc. In that role, which he held since February 2009, Cosby was responsible for the company’s store operations and support functions throughout the country, as well as overseeing Macy’s outlets in the Northeast and Mid-Atlantic states.
"We’re delighted that Mark is joining our team," said Merlo. "His valuable experience at major retailers in operations and strategic planning makes him an excellent choice to lead our retail business going forward. I am confident that Mark will bring a strong vision, great energy and new ideas to CVS/pharmacy as we continue to refine our model and introduce innovations that position us for ongoing success and industry leadership."
Cosby joined Macy’s headquarters staff in July 2006 as senior vice president of property development and subsequently served as president and chief operating officer of Macy’s East.
Prior to moving to Macy’s, Cosby was president of full-line stores at Sears Roebuck and Co., and before that he was chief operations officer at KFC Corp. and chief development officer at fast-food restaurant operator Yum Brands. He started his career as a financial analyst at General Foods Corp.
CVS/pharmacy represents a departure for Cosby, as the lion’s share of the retailer’s business is derived from health care.
"I am looking forward to this exciting new role,” said Cosby. "My passion for the customer and broad retail experience has helped to prepare me for this and I am honored to lead this talented team of retail executives. What makes CVS/pharmacy extraordinary is its unique ability to improve the lives of millions of Americans by providing easy, innovative solutions and personalized pharmacy health care at their neighborhood drug store. I am committed to driving profitable growth and furthering our retail leadership position."
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