Retail News Breaks
CVS elects former J&J CEO Weldon to board
April 1st, 2013
WOONSOCKET, R.I. – Former Johnson & Johnson chairman and chief executive officer William Weldon has been named to the CVS Caremark Corp. board of directors.
In an 8-K filing with the Securities and Exchange Commission on Friday, CVS said its board has elected Weldon to serve as a director.
Weldon, 64, retired as J&J's CEO in April 2012 and as chairman in December 2012 after having held in both posts since 2002, according to the SEC filing. He previously served in various senior executive positions during his 41-year career at J&J.
"Mr. Weldon's experience in managing a complex global health care company and his deep knowledge of the worldwide health care market across multiple sectors makes him extremely well-suited to serve on the board," CVS stated in the filing. "His background in international business management and operating in the highly regulated health care industry is also greatly valued by the board."
CVS reported in the filing that it directly bought about $740 million of products from J&J during 2012 as well as purchased additional J&J products during the year via third parties, such as drug wholesalers. The company noted that Weldon wasn't involved in the negotiation of any purchases, sales, contracts or business arrangements between the two companies.
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