CVS resumes search for new retail president
WOONSOCKET, R.I. -- CVS Caremark Corp. said it is resuming its search for a new president of its pharmacy operations in view of Wal-Mart Stores’ lawsuit to block its previous choice.
The company said executives Mike Bloom and Scott Baker will lead the retail pharmacy business while CVS Caremark seeks a permanent president. Baker is in charge of CVS Caremark's internal operations and real estate, and he has been with the company for about 25 years. Bloom is in charge of merchandising and the company's supply chain. He has worked for CVS and CVS Caremark for 20 years.
In December, CVS said it would hire Hank Mullany, the former head of Wal-Mart's Northern U.S. business. Wal-Mart sued CVS and Mullany, saying Mullany's contract barred him from working for a competitor for two years after he left Wal-Mart. A judge granted an injunction and stopped Mullany from joining CVS until after a trial, which was scheduled to begin in early March.
The current head of the stores, Larry Merlo, has been promoted to president and COO of CVS Caremark, which also includes the prescription plan administrator. He will become CEO in May, replacing Thomas Ryan.