CVS Caremark

CVS Caremark (formerly CVS) is the largest drugstore chain in the U.S. in terms of number of stores and prescription sales, but second to Walgreen in terms of total store sales. The first CVS store was founded in 1963, and it now operates 6,200 stores in 40 states with corporate headquarters in Woonsocket, RI. Today, CVS fills over one billion prescriptions a year and gets most of its revenue from this. CVS recently purchased prescription benefits management company Caremark Rx for $26.5 billion. In 2005, CVS took over 1,200 Eckerd drugstores mainly in the Sunbelt markets of Florida and Texas. In 2007, CVS finished taking over 700 Sav-on and Osco drugstores mainly in southern California, all getting the CVS name.

In 2011, CVS reported $107,100,000,000 in net revenue and $20,561,000,000 in gross profit.

Ties to Pete Peterson's "Fix the Debt"
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." is part of the Campaign to Fix the Debt as of February 2013.

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

Ties to the American Legislative Exchange Council
Until 2012, CVS Caremark was a corporate member of the American Legislative Exchange Council (ALEC). It was a member of ALEC's Health and Human Services Task Force.

CVS Caremark told ColorOfChange.org in July 2012 that it had discontinued its ALEC membership. Please see Corporations Which Have Cut Ties to ALEC for more.

Please see ALEC Corporations for a list of other ALEC corporations.

Leadership
As of February 2013

Executive Officers

 * Larry J. Merlo: President and Chief Executive Officer
 * Mark Cosby: Executive Vice President and President - CVS/pharmacy
 * David M. Denton	Executive Vice President and Chief Financial Officer
 * Per Lofberg: Executive Vice President
 * Troyen Brennan, M.D.:	Executive Vice President and Chief Medical Officer
 * Helena B. Foulkes: Executive Vice President and Chief Health Care Strategy and Marketing Officer
 * J. David Joyner:Executive Vice President - Sales and Account Services, CVS Caremark Pharmacy Services
 * Thomas M. Moriarty: Executive Vice President and General Counsel
 * Jonathan C. Roberts: Executive Vice President and President - CVS Caremark Pharmacy Services
 * Lisa Bisaccia: Senior Vice President and Chief Human Resources Officer
 * Laird Daniels: Senior Vice President – Finance and Controller and Chief Accounting Officer
 * Stephen J. Gold: Senior Vice President and Chief Information Officer
 * Andrew J. Sussman, M.D.: Senior Vice President and Associate Chief Medical Officer and President of MinuteClinic

Directors

 * C. David Brown II: Chairman of Broad and Cassel, a Florida law firm
 * David W. Dorman: Non-Executive Chairman of the Board of CVS Caremark Corporation and Former Chairman and CEO of AT&T
 * Anne M. Finucane: Global Strategy and Marketing Officer for Bank of America Corporation
 * Kristen E. Gibney Williams: Former executive of the Prescription Benefits Management Division of Caremark International, Inc.
 * Marian L. Heard: President and Chief Executive Officer of Oxen Hill Partners
 * Larry J. Merlo: President and Chief Executive Officer
 * Jean-Pierre Millon: Former President and Chief Executive Officer of PCS Health Services, Inc.
 * C.A. Lance Piccolo: Chief Executive Officer of HealthPic Consultants, Inc.
 * Richard J.  Swift: Former Chairman of the Board, President and Chief Executive Officer of Foster Wheeler Ltd.
 * Tony L. White: Former Chairman of the Board, President and Chief Executive Officer of Applied Biosystems, Inc.

Political contributions
CVS Caremark is prohibited by federal law from making contributions to candidates or political parties in federal elections. Like many companies, CVS Caremark allows eligible employees an opportunity to participate in the political process by contributing to a company-sponsored Political Action Committee. CVS Caremark gave $450,700 to federal candidates in the 2006 election through two political action committees - 42% to Democrats and 57% to Republicans. In 2010, CVS Caremark gave $198,939 total in election cycles through political action committees.

Lobbying
In 2006, CVS Caremark total lobbying expenses were $985,189. CVS used two lobbying firms: Blackwell, Sanders et al and Capitol Alliance. Caremark used three lobbying firms: Alston & Bird, Bockorny Group, and Ernst & Young. The recorded lobbying expenditures totaled $10,015,000 in 2012. Since 2005, annual lobbying CVS Caremark has increased each year. In only 5 years, the total amount has increased about 10 times what it was in 2007.

Contact details
One CVS Dr. Woonsocket, RI 02895 Phone: 401-765-1500 Fax: 401-762-9227 Web: http://info.cvscaremark.com/

Featured SourceWatch Articles on Fix the Debt

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 * Fix the Debt's Lobbyists
 * Fix the Debt's Parent Group
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