Merlo will continue legacy left behind by Ryan
WHAT IT MEANS AND WHY IT’S IMPORTANT — As reported, CVS Caremark’s annual meeting of stockholders was of special importance as it marked the beginning of a new chapter for both CVS Caremark and its former chairman and CEO Tom Ryan, who officially retired from the company after more than 30 years of service.
(THE NEWS: CVS’ Merlo outlines factors for future growth. For the full story, click here)
Ryan, who began his career with CVS/pharmacy in 1974 as a pharmacy intern, told shareholders that he was fortunate to spend his 37 years with a company he "loved." He said it was the culture and the people that drew him to CVS. That love for CVS and passion for the pharmacy industry was undeniable as he held back tears and shareholders rose to give him a standing ovation for his years of dedication and hard work.
Under Ryan’s leadership, CVS has grown from a regional drug store chain with revenues of $5 billion in 1994 to a pharmacy healthcare provider powerhouse with revenues nearing $100 billion. Over the years, CVS has transformed into an industry trailblazer with its innovative beauty concepts, highly successful loyalty card program and vertically integrated pharmacy-PBM model via the 2007 acquisition of Caremark.
Despite being a larger — much larger — company, Ryan said those same "traits and values" that attracted him to the company years ago still hold true today within CVS.
With the mark of a successful leader, Ryan has left the growing company in the hands of a strong, capable new leader — Larry Merlo. "I’m passing [the company over] to a great leader, one whom I respect and who knows this business. Larry will take this company to great heights," Ryan told shareholders.
Clearly, this is not an end of an era, but rather the beginning of a new chapter for the Woonsocket, R.I.-based powerhouse.
Safeway LEED-ing the way to greener retail with certified Washington store
NEW YORK — Safeway’s store in the Georgetown section of Washington, D.C., has earned Leadership in Energy and Environmental Design certification from the U.S. Green Building Council. The 71,067-sq.-ft. store is the grocer’s second LEED-certified store and the first LEED-certified store in D.C.
The store’s green building elements include sunshade screens to reduce solar heat gain and a storm water drainage system that collects and filters on-site runoff from the parking lot and roof. The store also features water-efficient landscaping, including the use of drip irrigation with a landscape irrigation system water diverted from public sewer system by reuse of defrost waste water. Drought-tolerant native plants that require little or no irrigation help reduce the use of water.
Additional sustainable elements include:
White “TPO” roofing, which reduces the heat island effect and decreases cooling requirements for the store;
LED lighting in exterior signs, which reduce energy consumption by 80% or more compared with standard neon signs;
No CFC refrigerants. Safeway exclusively uses R-507 in its refrigeration systems, an HFC refrigerant with low ozone depletion potential;
Protocol-distributed refrigeration systems, which places the compressors closer to the various loads around the store to reduce the amount of copper piping in one store by about 35%. It also reduces the refrigerant charge by approximately 30%; and
Centralized HVAC system, using R-410a, which is more energy-efficient than R-22 and has zero-ozone depletion potential.
The Georgetown Safeway reopened last year.
Report: Happy Harry’s stores get Walgreens makeover
HOCKESSIN, Del. — Walgreens is 10 stores into transforming the popular Happy Harry’s Delaware pharmacy brand into Walgreens stores both inside and out, the News Journal, a Delaware daily, reported earlier this week.
By the end of the year, Happy Harry’s will be no more. Walgreens acquired Happy Harry’s in 2006, but decided to keep the venerable brand name at the time.