Thomas M. Ryan

CVS has announced that Larry J. Merlo has assumed the role of chief executive officer. Merlo, now president and CEO of CVS Caremark, succeeds Thomas M. Ryan who will remain non-executive chairman until his retirement at the company's annual meeting in May.

CVS Caremark said Larry Merlo will succeed Thomas M. Ryan as CEO on March 1 as part of its previously announced succession strategy. The company announced in May that Merlo would take the position as Ryan approaches retirement.