CVS/pharmacy moves ahead with succession plan, Hank Mullany named president

WOONSOCKET, R.I. — CVS Caremark announced on Friday that former Walmart North executive Hank Mullany will succeed Larry Merlo as president of CVS/pharmacy. The move is part of the corporate succession plan announced last May in which Tom Ryan will retire as CEO prior to the next annual meeting and Merlo will step up as CEO.

"Hank brings a wealth of experience to his new role and understands the many demands and challenges of the retail business. His expertise, along with his demonstrated ability to execute strategies and produce outstanding results, make him the right candidate to drive continued growth in our retail business and further our industry leadership for many years to come," Merlo stated.

Mullany has nearly 30 years of retail experience and a strong background in operations, finance and strategic planning. Previously as EVP and president of Walmart North, Mullany was responsible for the operation of 1,300 stores across 19 states. Earlier in his career, Mullany served in various senior management positions, including as president of Genuardi's Family Markets in Pennsylvania.

"Hank is the right candidate to fill this role," Ryan stated. "His broad base of retail experience will further our mission to provide customers with expert care and innovative solutions. Hank's proven track record as a leader will continue to set us apart in today's competitive marketplace."