Johnson & Johnson announces CFO succession
Dominic Caruso, executive vice president and chief financial officer at Johnson & Johnson, is slated to retire this fall and be succeeded by Joseph Wolk.
Business
Former Lilly CFO to head CVS Caremark
CVS Health has named former Eli Lilly and Co. chief financial officer Derica Rice as president of its CVS Caremark pharmacy benefit management unit. Plans call for Rice to take the helm at CVS Caremark on March 30, CVS said late Tuesday.
Time for drug chains to reclaim beauty category
It is a pivotal juncture for the beauty care category in the drug channel. Retailers and brands need to devise a game plan to wrest the business away from prestige power players. Sales in cosmetics, skin care and grooming are firing on all cylinders — but sadly, not in the mass beauty
Amazon targets Medicaid population
Amazon.com plans to offer discounts on its Amazon Prime service to Medicaid recipients. Low-income individuals who are eligible for the government health insurance program will be able to sign up for Prime for $5.99 a month, a $7 discount from its standard monthly cost of $12.99.
Ex-GSK CEO Andrew Witty to take helm at Optum
Former GlaxoSmithKline plc chief executive officer Sir Andrew Witty has been named CEO of Optum, the health services, technology and pharmacy benefits management unit of health insurance giant UnitedHealth Group. Plans call for Witty to start as Optum CEO on July 1.
CVS Health shareholders OK Aetna acquisition
Shareholders of CVS Health voted overwhelmingly to approve the company’s $69 billion deal to acquire health insurer Aetna Inc.
Cigna to buy Express Scripts for $67 billion
Continuing cross-segment consolidation in the health care arena, health insurer Cigna Corp. plans to acquire pharmacy benefits manager Express Scripts in a $67 billion cash and stock deal.
Walmart health executive George Riedl to depart
George Riedl, senior vice president at Walmart and president of the Walmart Health and Wellness division, is leaving the company. A Walmart spokeswoman said Wednesday that Riedl, a key pharmacy executive at the retail giant, is slated to depart on March 16.
More Rite Aid stores transferred to Walgreens
Rite Aid Corp. is winding down its asset sale to Walgreens Boots Alliance (WBA) with the ownership transfer of 537 more stores. Rite Aid said Tuesday that as of March 2, it has transferred 1,651 stores and related assets to WBA for cash proceeds of $3.6 billion. The process has progressed
Spectrum Brands, HRG Group to merge in $10 billion deal
Consumer products giant Spectrum Brands Holdings Inc. plans to combine with its largest shareholder, public holding company HRG Group Inc., in a transaction valued at $10 billion.
J M Smith realigns leadership team
J M Smith Corp. has named Saul Factor to lead its drug wholesale business and Kevin Welch to head its pharmacy technology solutions business. J M Smith said Monday that Factor, previously president of the QS/1 pharmacy software unit, will now serve as president of drug distributors Smith Drug Co.
Mission Pharmacal sells OTC health products to MainPointe
Mission Pharmacal Co. has sold a half-dozen over-the-counter health products under the Dr. Smith’s and Thera-Gesic brands to MainPointe Pharmaceuticals LLC. With the divestitures, Mission also licensed the marketing rights for five other OTC health products to Louisville, Ky.-based Mainpointe.
Shoppers Drug Mart has strong fiscal 2017 finish
Shoppers Drug Mart outperformed overall retail sales growth for parent Loblaw Cos. in the 2017 fourth quarter and fiscal year. Loblaw said Thursday that for the fourth quarter ended Dec. 30, Shoppers Drug Mart posted revenue of $3.17 billion (Canadian), up 3.8% from $3.06 billion a year earlier.
Presley to succeed Grimwood as Nestlé USA CEO
Steve Presley has been named to succeed Paul Grimwood as market head and chief executive officer of Nestlé USA. Plans call for Presley, now chief finance and strategic transformation officer, to take the helm as Nestlé USA CEO on April 1.
WBA, Express Scripts boost group purchasing relationship
Express Scripts Holding Co. and Walgreens Boots Alliance (WBA) are expanding their group purchasing efforts to include the procurement of specialty branded drugs.
Albertsons-Rite Aid to create wellness powerhouse
The Albertsons Cos. merger with Rite Aid Corp. will create a “truly differentiated” player in the food, health and wellness space, John Standley, chairman and chief executive officer of Rite Aid, said in an interview with Chain Drug Review.