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McMillon set to succeed Duke as Walmart CEO

BY Mike Troy

Walmart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to succeed Mike Duke as president of Wal-Mart Stores, Inc., the company announced Monday morning. 

McMillon, 47, will join the board effective immediately, and succeed Duke, 63, on February 1, when Walmart’s new fiscal year begins. McMillon’s successor will be named before the end of the fiscal year, according to the company.

“This leadership change comes at a time of strength and growth at Walmart,” said Rob Walton, chairman of Walmart’s board of directors. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”

Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year, according to the company.

“Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values,” Walton said. “He has broad experience – with successful senior leadership roles in all of Walmart’s business segments – and a deep understanding of the economic, social and technological trends shaping our world. A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart’s size and scale to make a difference in the lives of people, wherever they might be.”

McMillon said the opportunity to lead Walmart is a great privilege because of the company’s history of delivering value even as customers’ needs change.

“Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business,” McMillon said.

McMillon is following in Duke’s footsteps for the second time. He replaced Duke as president and CEO of Walmart International when Duke was elevated from that role to serve as CEO of Wal-Mart Stores, Inc.

“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” said Walton. “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues. Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”

 

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CVS Caremark appoints Helena Foulkes president of CVS/pharmacy

BY Antoinette Alexander

WOONSOCKET, R.I. — CVS Caremark has announced the appointment of Helena Foulkes as president of CVS/pharmacy, effective Jan. 1. She succeeds Mark Cosby, who is stepping down on Dec. 31.

Cosby has led the company’s retail business since October 2011, including its more than 7,600 retail stores, 19 distribution centers and retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.

“Mark is an outstanding operator and retailer who has brought many positive changes to the organization in the short time that he has been with CVS/pharmacy,” stated Larry Merlo, president and CEO of CVS Caremark. “I greatly appreciate his contributions to our retail operations and wish him the best of luck in his future endeavors.”

Company veteran Foulkes has held increasingly large and impactful roles in the company’s retail business, including merchandising, marketing and store operations. Since the merger with Caremark, Foulkes has led several integrated product/service teams and was instrumental in facilitating the evolution of the company’s overall health care strategy. She has also led the company’s work in transforming the digital experience for consumers in health care.

Foulkes, who has been with the company for more than 20 years, most recently served as chief health strategy and marketing officer, responsible for corporate strategy and enterprise marketing, government relations and communications.

“Helena is an open-minded and forward-thinking strategist, who has developed a reputation for successfully building product and business model innovations that drive growth,” stated Merlo. “Her industry track record includes leading innovations such as ExtraCare, the largest retail loyalty program in the country with approximately 70 million active cardholders. More recently Helena has helped bring groundbreaking pharmacy health care programs to market, including Maintenance Choice and Pharmacy Advisor. She has help positions   across the enterprise and understands how to meet the needs of both consumers and clients while delivering bottom line results.”

“I am honored to lead our talented retail team. CVS Caremark has the unique ability to build consumer-centric health care solutions that improve access, control costs and lead to better health outcomes,” stated Foulkes, who, in her new role, will also maintain her responsibility for the company’s enterprise digital, brand and communications functions. “I am excited to take on this new role and am committed to driving CVS/pharmacy’s continued strong growth. At the same time, I look forward to working closely with our enterprise leadership team to continue to introduce innovations that meet the changing needs of clients, patients and payors while driving growth for CVS Caremark.”

 

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Elan shareholders approve acquisition by Perrigo

BY Ryan Chavis

DUBLIN — The shareholders of Elan Corp. approved the acquisition of the company by Perrigo Co. at two special meetings.

As previously announced earlier this year, Perrigo and Elan entered into an agreement under which the two companies will combine to form New Perrigo, an entirely new company incorporated in Ireland. The closing of the deal remains subject to approval by the Irish High Court and is expected to occur by the end of the year.

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