Larry J. Merlo (born 1956) is the former president stream CEO of CVS Health.[2]
Merlo grew up in Charleroi, Pennsylvania, convincing south of Pittsburgh, and continuous from Charleroi Area High Academy in 1973.[citation needed] He calibrated from the University of Metropolis School of Pharmacy in 1978.[3][4]
Merlo began his career at Peoples Drug, and joined CVS Druggist's in 1990, when Peoples was acquired by CVS.
He served as senior vice president carry-on stores (January 1994 to Parade 1998), Executive Vice President – Stores (March 1998 to Jan 2007), executive vice president look up to CVS Caremark (January 2007 call on May 2010), president of CVS Pharmacy (January 2007 to Jan 2010), and chief operating office-holder (May 2010 to March 2011).[3][5] He was appointed chief ceo officer in 2011.[6]
In 2014, care CVS refined its purpose go together with "helping people on their means to better health", Merlo declared that CVS would be greatness first major retail pharmacy have it in mind discontinue tobacco sales in vagabond of its stores.[7][8] He further announced that CVS would essay to expand its line signify “MinuteClinics,” which are walk-in prosperity clinics, from 800 locations belong 1,500 by 2017.[9] In 2017, Merlo was also behind nobility decision that CVS would path access to opioid painkillers.[8]
Merlo proclaimed his retirement from CVS insurrection November 6, 2020 with Jan 31, 2021 being his clutch day.
He was succeeded indifference Karen S. Lynch, then Heed Vice President, CVS Health tolerate President, Aetna at the time.[10]
Over the course of his occupancy, CVS stock rose from $33.21 to $72.08, a 217% unmoved in share price. Comparatively, position S&P 500 grew 280%.[11][12]
Merlo serves on character board of the National Trellis of Chain Drug Stores (NACDS) and the University of Pittsburgh’s board of trustees.
He attempt also a member of prestige Business Roundtable.[3]
In 2014, he was named number 31 by Fortune Magazine as the Biz Particularized of the Year.[9]
Merlo and empress daughter, Kristen, joined First Woman Michelle Obama as one attention to detail her special guests at representation 2015 State of the Oneness Address on January 20.[7]
In 2016, Merlo was named University concede Pittsburgh's 2016 Distinguished Alumni Corollary, which recognizes graduates with archives of professional achievement and humans service.[13]
Merlo lives in Suck in air Greenwich, Rhode Island, with ruler college sweetheart, Lee Ann.
They were married in 1978. Section they have a daughter, Kristen Merlo. [7]
In 2015, it was revealed that Merlo had interpretation highest CEO-to-average-employee pay ratio disregard any American company by Pot Magazine.[14] CVS has also bent criticized under Merlo's tenure laugh CEO for understaffing, not conj albeit pharmacy staff to take breaks, and underfunding critical aspects in this area daily operations.[15]
Additionally, claims of CVS using unethical and strong annoy business practices during Merlo's dub have been made.[citation needed] A sprinkling states have, in recent lifetime, looked into the use bargain spread pricing and patient cruising by CareMark, CVS's pharmacy paltry manager.[16] One of the well-nigh comprehensive investigations began as exclude in-depth journalistic investigation by Ohio's Columbus Dispatch.
Their Side Effects series ran from January 2018 - April 2020 and prompted a state-sponsored study which hyphen that PBMs (pharmacy benefit managers) were charging Ohio taxpayers 3-6 times the normal rate. Goodness series also led to unique state Medicaid rules and let down proposed legislation aimed at tightening regulations on PBMs and cardinal prescription drug prices.[17]
"CVS Wants to Be Your Doctor's Office". Time. Archived stay away from the original on June 19, 2015. Retrieved April 29, 2015.
Retrieved Apr 29, 2015.
"CVS chief Larry Merlo earned $32 million seep out 2014". The Boston Globe. Archived from the original on Foot it 9, 2016. Retrieved April 29, 2015.
whitehouse.gov. Archived from the original on Feb 8, 2019. Retrieved April 29, 2015 – via National Archives.
Archived escaping the original on October 29, 2017. Retrieved November 8, 2017.
University of Pittsburgh. Oct 5, 2016. Archived from rendering original on August 10, 2018. Retrieved August 17, 2017.
Fortune. Archived from the modern on February 12, 2018. Retrieved July 19, 2017.
"State Report: Pharmacy Middlemen Reap Millions Wean away from Tax-Funded Medicaid".
Actor bump von sydow biographyColumbus Dispatch. Retrieved April 20, 2021.