CVS Caremark

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CVS Caremark (formerly CVS) is the largest drugstore chain in the U.S. in terms of number of stores and prescription sales, but second to Walgreen in terms of total store sales. The first CVS store was founded in 1963, and it now operates 6,200 stores in 40 states with corporate headquarters in Woonsocket, RI.[1] Today, CVS fills over one billion prescriptions a year and gets most of its revenue from this. CVS recently purchased prescription benefits management company Caremark Rx for $26.5 billion. In 2005, CVS took over 1,200 Eckerd drugstores mainly in the Sunbelt markets of Florida and Texas. In 2007, CVS finished taking over 700 Sav-on and Osco drugstores mainly in southern California, all getting the CVS name.

[2] [3]

In 2011, CVS reported $107,100,000,000 in net revenue and $20,561,000,000 in gross profit. [4]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." CVS Caremark is part of the Campaign to Fix the Debt as of February 2013.

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.

Ties to the Institute for Clinical and Economic Review

CVS Caremark is a significant funding source [5] for the Institute for Clinical and Economic Review (ICER) a non-profit which has been criticized for providing insurers and pharmacy benefits managers public support in their decisions to exclude prescription drugs from coverage.

Ties to the American Legislative Exchange Council

Until 2012, CVS Caremark was a corporate member of the American Legislative Exchange Council (ALEC). It was a member of ALEC's Health and Human Services Task Force.[6]

CVS Caremark told ColorOfChange.org in July 2012 that it had discontinued its ALEC membership.[7] Please see Corporations Which Have Cut Ties to ALEC for more.

Please see ALEC Corporations for a list of other ALEC corporations.

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.

Leadership

As of February 2013[8]

Executive Officers

  • Larry J. Merlo: President and Chief Executive Officer
  • Mark Cosby: Executive Vice President and President - CVS/pharmacy
  • David M. Denton Executive Vice President and Chief Financial Officer
  • Per Lofberg: Executive Vice President
  • Troyen Brennan, M.D.: Executive Vice President and Chief Medical Officer
  • Helena B. Foulkes: Executive Vice President and Chief Health Care Strategy and Marketing Officer
  • J. David Joyner:Executive Vice President - Sales and Account Services, CVS Caremark Pharmacy Services
  • Thomas M. Moriarty: Executive Vice President and General Counsel
  • Jonathan C. Roberts: Executive Vice President and President - CVS Caremark Pharmacy Services
  • Lisa Bisaccia: Senior Vice President and Chief Human Resources Officer
  • Laird Daniels: Senior Vice President – Finance and Controller and Chief Accounting Officer
  • Stephen J. Gold: Senior Vice President and Chief Information Officer
  • Andrew J. Sussman, M.D.: Senior Vice President and Associate Chief Medical Officer and President of MinuteClinic

Directors

  • C. David Brown II: Chairman of Broad and Cassel, a Florida law firm
  • David W. Dorman: Non-Executive Chairman of the Board of CVS Caremark Corporation and Former Chairman and CEO of AT&T
  • Anne M. Finucane: Global Strategy and Marketing Officer for Bank of America Corporation
  • Kristen E. Gibney Williams: Former executive of the Prescription Benefits Management Division of Caremark International, Inc.
  • Marian L. Heard: President and Chief Executive Officer of Oxen Hill Partners
  • Larry J. Merlo: President and Chief Executive Officer
  • Jean-Pierre Millon: Former President and Chief Executive Officer of PCS Health Services, Inc.
  • C.A. Lance Piccolo: Chief Executive Officer of HealthPic Consultants, Inc.
  • Richard J. Swift: Former Chairman of the Board, President and Chief Executive Officer of Foster Wheeler Ltd.
  • Tony L. White: Former Chairman of the Board, President and Chief Executive Officer of Applied Biosystems, Inc.

Political contributions

CVS Caremark is prohibited by federal law from making contributions to candidates or political parties in federal elections. Like many companies, CVS Caremark allows eligible employees an opportunity to participate in the political process by contributing to a company-sponsored Political Action Committee.[9] CVS Caremark gave $450,700 to federal candidates in the 2006 election through two political action committees - 42% to Democrats and 57% to Republicans. [10] [11] In 2010, CVS Caremark gave $198,939 total in election cycles through political action committees.[12]

Lobbying

In 2006, CVS Caremark total lobbying expenses were $985,189. CVS used two lobbying firms: Blackwell, Sanders et al and Capitol Alliance. Caremark used three lobbying firms: Alston & Bird, Bockorny Group, and Ernst & Young. [13] [14] The recorded lobbying expenditures totaled $10,015,000 in 2012. Since 2005, annual lobbying CVS Caremark has increased each year. In only 5 years, the total amount has increased about 10 times what it was in 2007.[15]

Contact details

One CVS Dr.
Woonsocket, RI 02895
Phone: 401-765-1500
Fax: 401-762-9227
Web: http://info.cvscaremark.com/


Resources and articles

Featured SourceWatch Articles on Fix the Debt

References

  1. ↑ "History", CVS Caremark Corporation, Accessed February 4, 2013.
  2. ↑ CVS Caremark Profile, Hoovers, accessed July 2007.
  3. ↑ Overview page, CVS Caremark, accessed July 2007.
  4. ↑ "SEC Form 10-K", SEC, 2012.
  5. ↑ Institute for Clinical and Economic Review, Funding, organization webpage, accessed April 20, 2016.
  6. ↑ American Legislative Exchange Council, HHS Task Force, June 29, 2011, organizational membership spreadsheet, June 29, 2011, p. 32, obtained and released by Common Cause April 2012
  7. ↑ ColorOfChange.org, Five more major companies will no longer fund ALEC: John Deere, CVS Caremark, MillerCoors, HP, and Best Buy will no longer fund American Legislative Exchange Council, organizational press release, July 10, 2012
  8. ↑ "Corporate Governance", CVS Caremark Corporation, Accessed February 4, 2013.
  9. ↑ CVS Caremark, [1] Political Contributions.
  10. ↑ CVS Corp PAC, Open Secrets, accessed July 2007.
  11. ↑ Caremark RX PAC, Open Secrets, accessed July 2007.
  12. ↑ CVS/Corp Summary, [2] Open Secrets.
  13. ↑ CVS lobbying expenses, Open Secrets.
  14. ↑ Caremark lobbying expenses, Open Secrets.
  15. ↑ Lobbying Spending Database, [3] Open Secrets.
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