Retail News Breaks
Walmart veteran named CVS/pharmacy president
December 3rd, 2010
WOONSOCKET, R.I. – CVS Caremark Corp. has appointed Hank Mullany as president of CVS/pharmacy, taking over that role from president and chief operating officer Larry Merlo.
The drug store and pharmacy benefit management company said Friday that Mullany will take the reins as CVS/pharmacy president on Dec 6.
Mullany, 52, is a seasoned retail executive with nearly 30 years of retail experience and a strong background in operations, finance and strategic planning, according to CVS Caremark. Formerly executive vice president and president of Walmart North, Mullany was responsible for the operation of 1,300 stores across 19 states.
Earlier in his career, Mullany served in various senior management positions, including as president of Genuardi's Family Markets in Pennsylvania.
"Hank brings a wealth of experience to his new role and understands the many demands and challenges of the retail business," Merlo said in a statement. "His expertise, along with his demonstrated ability to execute strategies and produce outstanding results, make him the right candidate to drive continued growth in our retail business and further our industry leadership for many years to come."
Merlo had held responsibility for CVS/pharmacy retail operations during the search for a successor. As part of a corporate succession plan unveiled last May, Merlo was named CVS Caremark president and COO and tabbed to succeed Tom Ryan as chief executive officer of the company. Ryan plans to retire from as CEO before the next annual meeting.
"Hank is the right candidate to fill this role," stated Ryan, who also is CVS Caremark's chairman. "His broad base of retail experience will further our mission to provide customers with expert care and innovative solutions. Hank's proven track record as a leader will continue to set us apart in today's competitive marketplace."
Mullany's appointment by CVS, however, has generated some controversy. Published reports on Friday said that Walmart is suing CVS Caremark to stop his hiring. The discount store giant alleges that the move would violate a noncompete agreement because of Mullany's knowledge of confidential Walmart information, according to reports.
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