Kate H. Gamble, Senior Editor
CVS Caremark announced that Mark S. Cosby has been named President of CVS/pharmacy, effective October 1, 2011.
Cosby, 52, most recently served as president of stores at Macy’s, where he was responsible for all store operations and support functions nationwide.
"We're delighted that Mark is joining our team," said Larry J. Merlo, President and CEO of CVS Caremark, in a statement
. "His valuable experience at major retailers in operations and strategic planning makes him an excellent choice to lead our retail business going forward. I am confident that Mark will bring a strong vision, great energy, and new ideas to CVS/pharmacy as we continue to refine our model and introduce innovations that position us for ongoing success and industry leadership."
Cosby succeeds Merlo, who led the company's retail business prior to taking over as CEO of CVS Caremark in March of this year. As President, Cosby will have responsibility for all aspects of the company's retail business, including its more than 7200 retail stores, 19 distribution centers, and e-commerce site, along with retail merchandising, supply chain, marketing, real estate, front store, and pharmacy operations.
Previously, Cosby served as president and chief operating officer of Macy's East, and senior vice president for property development of Federated Department Stores. Earlier in his career, Cosby was president of full-line stores for Sears Roebuck & Co., chief operations officer of KFC, and chief development officer of Yum! Brands. Cosby began his career as a financial analyst for General Foods Corporation and earned his undergraduate degree in business and MBA from the University of Wisconsin.
"I am looking forward to this exciting new role," said Cosby. "My passion for the customer and broad retail experience has helped to prepare me for this and I am honored to lead this talented team of retail executives. What makes CVS/pharmacy extraordinary is its unique ability to improve the lives of millions of Americans by providing easy, innovative solutions and personalized pharmacy health care at their neighborhood drugstore. I am committed to driving profitable growth and furthering our retail leadership position."