CVS 2006 Annual Report Download - page 7

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4 CVS Corporation
Supporting our next phase of growth
with key promotions
With the retail and healthcare environments changing rapidly,
we’ve made some organizational changes to help ensure
continued success. Most significantly, we promoted Larry Merlo
and Chris Bodine to the roles of President of CVS/pharmacy –
Retail, and President of CVS Health Services, respectively.
Larry is a seasoned retail pharmacy executive with more than
28 years of experience. He has spent 16 of them with CVS.
Larry has consistently delivered results in every position he has
held within our company while never losing sight of our most
important assets – our customers and our colleagues. Chris’
retail and healthcare experience spans more than 20 years
at CVS. He’s a leader who has combined the ability to drive
strategy and innovation with a focus on execution and results.
Larry and Chris have the values, the vision, and the passion
for customer service to help lead CVS in the years ahead.
At the board level, David Dorman and Richard Swift joined
us as directors in 2006. David is the former Chairman of the
Board and Chief Executive Officer of AT&T Corporation, and
his knowledge and experience should serve us well. Dick is
the former Chairman, President and CEO of Foster Wheeler,
and he has also served as Chairman of the Financial Accounting
Standards Advisory Council. As a new member of the Audit
Committee, Dick only enhances the rigorous approach to finan-
cial reporting that our board has long made a priority.
After more than 12 years of dedicated service, Don Cornwell
retired from the board. On behalf of CVS, I thank him for his
valued contributions over the years. Don served with distinction
on the board’s Management Planning and Development
Committee as well as the Audit Committee.
In closing, we have begun 2007 with a great deal of momen-
tum and enthusiasm for the opportunities before us. Our
core business is performing well as we work our way through
the first quarter. Recent retail acquisitions have given us lead-
ing shares in high-growth markets, and we will leverage the
CVS/pharmacy brand and our operational strength to drive
growth. In MinuteClinic, we took an important step in broaden-
ing our healthcare offerings. Finally, our pending merger with
Caremark would position us to be the low-cost provider and
to offer payors, insurers, and consumers greater choice in pre-
scription delivery and new, value-added services. We look
forward to keeping you apprised of our progress, and thank
you for your continued confidence.
Thomas M. Ryan
Chairman of the Board, President, and Chief Executive Officer
February 27, 2007