Summary
CVS Caremark Corporation (now CVS Health) announced on December 3, 2010, the appointment of Hank Mullany as Executive Vice President and President of CVS/pharmacy. Mr. Mullany's extensive experience includes his prior role as Executive Vice President of Wal-Mart Stores, Inc. and President of Walmart North, overseeing a significant portion of Walmart's U.S. retail operations. This appointment is notable as it comes amidst a lawsuit filed by Walmart, alleging that Mr. Mullany's non-competition agreement with them prohibits him from joining CVS Caremark. Both CVS Caremark and Mr. Mullany maintain that the lawsuit's claims are unfounded and intend to vigorously defend against Walmart's legal challenge. Investors should monitor the outcome of this litigation as it could potentially impact the integration and leadership of the CVS/pharmacy division.
Key Highlights
- 1CVS Caremark announced the hiring of Hank Mullany as Executive Vice President and President of CVS/pharmacy, effective December 6, 2010.
- 2Mr. Mullany previously served as Executive Vice President of Wal-Mart Stores, Inc. and President of Walmart North, managing 1,300 stores.
- 3Walmart has filed a lawsuit alleging Mr. Mullany's non-competition agreement with them is violated by his new role at CVS Caremark.
- 4CVS Caremark and Mr. Mullany believe Walmart's lawsuit lacks merit and intend to defend it aggressively.
- 5The company's press release regarding this appointment is attached as an exhibit to the 8-K filing.