Former Macy's exec to head CVS/pharmacy
WOONSOCKET, R.I. — CVS Caremark has appointed former Macy’s executive Mark S. Cosby as president of CVS/pharmacy, effective Oct. 1.
Cosby most recently served as Macy’s president of stores, where he was responsible for all Macy's store operations and support functions nationwide.
Cosby succeeds Larry Merlo, who led the company’s retail business prior to taking over as CEO of CVS Caremark in March. As president, Cosby will have responsibility for all aspects of the company’s retail business, including its more than 7,200 retail stores, 19 distribution centers and e-commerce site, as well as retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.
“We’re delighted that Mark is joining our team,” Merlo stated. “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, 52, was elected president of stores of Macy's in February 2009, with responsibility for all Macy's store operations and support functions nationwide, as well as for overseeing stores in the Northeast and mid-Atlantic regions of the United States. Prior to this position, Cosby served as president and COO of New York-based Macy's East, beginning in May 2007. He joined the company's corporate office in July 2006 as SVP for property development. Previously, Cosby served as president of full-line stores for Sears Roebuck & Co., and earlier as COO of KFC and chief development officer of Yum Brands, the branded restaurants company spun off from Pepsico. He began his career as a financial analyst for General Foods Corp.
Known as an innovator, he initiated the co-branded stores with two eateries under the same roof while he was serving as COO of KFC. That tactic is now widespread within the fast food industry. Cosby also is credited with being the brains behind KFC's popular popcorn chicken.
“I am looking forward to this exciting new role,” Cosby stated. “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.”