CVS 1998 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 1998 CVS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

period in the history of our company. 1998 was
an eventful and successful year for CVS
Corporation. Due to the hard work of our devot-
ed associates, our company is extremely well
positioned. We look forward to the future, its
challenges and opportunities for growth.
Sincerely,
Stanley P. Goldstein
Chairman of the Board
Thomas M. Ryan
President and Chief Executive Officer
January 27, 1999
As this report was going to press, CVS
announced that Stanley P. Goldstein, CVS’
founder, will be retiring from his position as
Chairman of the Board. Effective April 14,
1999, Thomas M. Ryan will assume the title of
Chairman of the Board, while continuing to
serve as Chief Executive Officer. Charles C.
Conaway, currently Executive Vice President and
Chief Financial Officer, will become President
and Chief Operating Officer.
We are highly optimistic about our
prospects for growth. Our financial position is
solid; our strategic direction is clearly mapped to
capitalize on our vibrant industry; and we have
key competitive advantages, including market
leadership positions, a proven ability to execute at
retail, expertise serving managed care organiza-
tions, and state-of-the-art technology systems.
Most of all, we have an outstanding team in
place. Our 97,000 associates are among the best
in the healthcare retailing industry. They care
about our customers and have fully embraced
our Company’s mission. We are proud of their
accomplishments and thank them all for their
extraordinary efforts in 1998.
We welcomed a new member to our Board
during 1998. Eugene Applebaum, formerly
Chairman, President and Chief Executive Officer
of Arbor, joined our Board of Directors upon
completion of the Arbor acquisition. We want to
thank the entire CVS Board of Directors for their
wise counsel throughout the challenging past
year.
Finally, we thank our shareholders, cus-
tomers, suppliers and other partners for their
strong support. Consistent with our goal of
making life easier for our customers, we are also
focused on convenience for our shareholders. In
that regard, our new transfer agent, The Bank of
New York, offers a Dividend Reinvestment and
Direct Stock Purchase Plan. Further, we have
re-designed our Web site
to provide easy access
to more information
about CVS.
We are in the
midst of the most
significant growth