Accounting Paper (Cvs Analysis)

1470 words - 6 pages

Basic SummaryCVS is a retail corporation that sells prescription drugs and general merchandise products, including over-the-counter drugs, greeting cards, film and photo-finishing services, beauty products and cosmetics, seasonal merchandise and convenient foods. It sells these products through retail locations throughout the U.S. and on line through CVS.com.Corporate StructureCVS has a board of directors that is responsible for directing and providing oversight to the management of the corporation. They act in the best interest of the shareholders and consistent with good corporate citizenship practices. The board selects and appoints the top management team, provides oversight for financial reporting and legal compliance, determines governance principles, and implements policies.Together, the board and management determine the corporate operating values and code of conduct. They also are responsible for setting the strategic direction and priorities. The key person is Thomas M. Ryan. He is both the head of the board and the head of executive management. He has been with CVS since 1978.Executive OfficersThomas M. Ryan- Chairman of the Board, President and CEOChris W. Bodine- Executive VP of Merchandising and MarketingLarry J. Merlo- Executive VP or storesDavid B. Rickard- Executive VP, CFO, CAOV. Michael Ferdinandi- Senior VP of HR, CLO, President of CVS RealityLarry, D. Solberg- Senior VP of Finance and ControllerBoard of DirectorsThomas M. Ryan- Chairman of the Board, President and CEOW. Don Cornwell-Chairman of the Board and CEO Granite Broadcasting CorpThomas P. Gerrity- Prof. of Management Wharton School of BusinessStanley P. Goldstein- Retired; Formerly Chairman of the Board and CEO of CVSMarian L. Heard- President and CEO United Way Mass. Bay and New EnglandWilliam H. Joyce- Chairman of the Board and CEO Hercules CorporationTerry R. Lautenbach- Retired; Former Senior VP International Business MachinesSheli Z. Rosenberg- Vice Chairman Equity Group Investments, LLCCompany History2004: CVS J.C. Penney sells Eckerd to Jean Coutu, CVS for $4.5B (CVS will pay $2.15 billion for the Eckerd stores and facilities in the southern states) (Jean Coutu will pay $2.375 billion for Eckerd's drugstores and facilities in 13 Northeast and Mid-Atlantic states and for its home office in Florida.) making CVS the largest chain in the U.S. Bringing the total amount of stores to 5,000 in 36 states2002: CVS continues to open new stores Dallas, Houston, Phoenix, and Las Vegas2001: CVS exceeded $22 billion and operates over 4,000 stores in 32 states, leading pharmacy retailer in many markets in the Northeast, Mid-Atlantic, Midwest, and Southeast regions. The company is expanding into high-growth markets, including Central and South Florida.1999: CVS launches CVS.com, the first fully integrated online pharmacy in the US.1998: CVS acquires Arbor Drugs, Inc., of Michigan. Tom Ryan is named President and CEO of CVS.1997: CVS completes its acquisition of the Revco...

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