CVS 1998 Annual Report Download - page 43

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n April 1999, Stanley P.
Goldstein will retire from his
position as Chairman of the Board of CVS
Corporation. Since co-founding the company more
than 35 years ago, Stanley has been a vital part of
CVS’ success.
Stan, his brother Sid, and a partner, Ralph Hoagland,
opened the first CVS store in Lowell, Massachusetts under
the name “Consumer Value Stores” on May 9, 1963. The
store was an outgrowth
of Mark Steven Service
Merchandisers, which
was founded by the Goldstein brothers to
supply health and beauty aids to grocery
stores and other retailers. The CVS chain
expanded gradually throughout the 1960s.
In 1969, seeking financial backing to
support the further expansion of CVS, which
had grown to 40 stores with sales of $20
million, the Goldsteins sold the Company to
Melville Corporation. Under Stanley
Goldstein’s leadership, the chain continued
its growth and, in 1986, Melville named
him President and Chief Operating Officer.
He became Chairman and Chief Executive
Officer of Melville the following year, and
under his leadership, Melville grew to
become one of the preeminent retail
companies in the U.S. with annual revenues
in excess of $10 billion.
CVS continued to prosper as part of Melville, and, in 1996, as part of its
strategic repositioning, the Company restructured to focus entirely on CVS,
divesting its other retail businesses.
While Stan will be retiring in April, CVS will continue to benefit from his
wise counsel and advice as he remains on our Board of Directors.
On behalf of our Board of Directors, Employees and Shareholders, we say
“thank you” — for your vision, your patience, and your stewardship.
I
I
Stanley Goldstein,
Sidney Goldstein and Ralph
Hoagland (left to right),
co-founders of the original
CVS store, are pictured
together in 1985.
In 1965, the first CVS store in our home state
was opened in Providence, Rhode Island.
CVS Corporation Thanks
Stanley P. Goldstein for His
Vision and Leadership