WHAT IT MEANS AND WHY IT'S IMPORTANT — The news that CVS Caremark has appointed a new president of CVS/pharmacy, Mark Cosby, is yet one more page in the new chapter for the Woonsocket, R.I.-based powerhouse.
(THE NEWS: CVS Caremark names new president of CVS/pharmacy. For the full story, click here)
As the article states, Cosby succeeds Larry Merlo, who led the company’s retail business prior to taking the helm as CEO of CVS Caremark in March.
What’s interesting to note is that Cosby, a retail executive who most recently served as president of Macy’s, is known as an innovator. While he was serving as COO of KFC, he initiated the co-branded stores with two eateries under the same roof. That tactic now is widespread within the fast food industry. Cosby also is credited with being the brains behind KFC's popular popcorn chicken.
It will be interesting to see how Cosby’s insight and innovative spirit will play out within retail pharmacy.
There’s no doubt industry observers will be watching as the new chapter for CVS Caremark continues to unfold, and the company further positions itself along to the frontlines of health care.