CVS Caremark donates more than $100K to Hurricane Sandy relief efforts
WOONSOCKET, R.I. — CVS Caremark announced on Wednesday a donation of more than $100,000 to the American Red Cross National Disaster Relief Fund to provide support to communities that have been affected by Hurricane Sandy.
A donation of $50,000 was made from the company’s foundation, the CVS Caremark Charitable Trust. In addition, CVS/pharmacy is providing snacks and bottled water valued at more than $50,000 to distribute in communities in New Jersey that were impacted by the hurricane.
"Many of our communities on the East Coast were affected by Hurricane Sandy," stated Eileen Howard Boone, SVP corporate communications and community relations for CVS Caremark. "We are deeply concerned about the impact this storm has had on our customers and colleagues, and we are committed to supporting relief efforts and assisting first-responders, including our partners at the American Red Cross, in any way we can."
CVS Caremark is also supporting its employees who have been affected by the hurricane through the CVS Caremark Employee Relief Fund. Launched in 2011, the Employee Relief Fund provides short-term, immediate financial relief to employees who’ve suffered significant hardship as a result of a natural disaster, family death, medical emergency or other unforeseen events.
The American Red Cross is helping people across 13 states with shelter, food and comfort as part of a huge disaster response to Sandy. More than 9,000 people spent Tuesday night in 171 Red Cross shelters, and workers have served more than 100,800 meals and snacks. The organization has deployed more than 2,300 disaster workers from all over the country. Nearly 200 response vehicles also have been deployed and are beginning to circulate through communities distributing meals, water and snacks.
"Hurricane Sandy’s winds, rains and snow brought devastation and uncertainty to millions of people; and thanks to the support of donors, such as CVS Caremark, the American Red Cross is providing immediate relief and staying to help as people begin to take steps to recovery," added Roger Lowe, SVP communications for the American Red Cross. "We’re grateful for CVS Caremark’s dedication to the Red Cross mission."
Wall Street: Hurricane Sandy may have whipped up front-end sales prior to coming ashore
NEW YORK — Hurricane Sandy may have shut down lower Manhattan for a few days, but research analyst Ed Kelly of Credit Suisse was bullish on how the storm system may have whipped up front-end sales for pharmacy operators.
"Front-end sales [are] likely to get a boost from Sandy," he wrote in a note published Wednesday. "While drug stores’ front-end sales are likely to continue to be pressured by channel shifting to value-oriented players and aggressive growth of small-box formats like dollar stores, we believe October sales should be better than recent trends," he suggested. "Hurricane Sandy likely provided a boost to sales, as consumers in the Northeast and Mid-Atlantic stocked up for this catastrophic event."
Pharmacy prescription sales should also be up, Kelly wrote, as summertime improvements should continue. "Script growth, as reported by IMS, was up a solid 2.7% for the latest four-week period ended Oct. 19, in line with the prior four-week period," Kelly noted.
Two prominent New York City retailers will report October sales in the coming week. Rite Aid is expected to report October sales Nov. 1 and Walgreens Nov. 5.
Clorox COO to retire; two SVPs to transition to EVP-COO roles
OAKLAND, Calif. – The Clorox Co. on Tuesday announced that COO Lawrence S. "Larry" Peiros, 57, will retire from the company effective April 1, 2013.
Peiros, who joined Clorox in 1980 as a summer intern, was appointed a member of the company’s executive committee in 1999 and then to the COO role in 2007. He also oversees the marketing, sales, research & development and product supply functions as well as Clorox’s Eco office.
"Larry’s influence and leadership have been profound," said chairman and CEO Don Knauss. "He strongly led our businesses and core functions, helping to grow sales and market share over a multiyear period. Throughout his 32 years, Larry has been selfless in driving the success of the business and the organization. We are indebted to him for his many contributions and wish him the very best."
Effective Jan. 1, 2013, the company will move to a structure with two COOs. Benno Dorer, 48, currently SVP cleaning division & Canada, will be promoted to EVP and COO cleaning, international and corporate strategy. Dorer will have responsibility for the laundry, home care and international business units as well as take on responsibility for corporate strategy and growth.
George Roeth, 51, currently SVP specialty division, will be promoted to EVP and COO household and lifestyle. Roeth will have responsibility for the Charcoal, Glad, Litter, Food, Brita and Burt’s Bees business units. He will also have responsibility for the company’s core functions: marketing, sales, product supply and research & development.