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Larry Merlo
American chief executive (born 1956)
Larry J. Merlo (born 1956) is the former president and CEO of CVS Health.2
From Wikipedia’s article on Larry Merlo (this version), CC BY-SA 4.0.
Born 1956.1
Companies
- KenvueBoard member May 8, 2023 to now12
- CVS PharmacyChief executive officer13
- CVS HealthBoard member 2010 to May 31, 202114
- CVS HealthChief executive officer 2011 to Feb 1, 202114
- CVS HealthPresident Dec 7, 2010 to Jan 21, 202115
- CVS HealthChief operating officer Dec 7, 2010 to Jan 5, 201115
- CVS HealthExecutive Vice President Nov 12, 2003 to Apr 5, 201016
Holdings
Stock this person has reported owning, from the forms officers and directors file with the SEC. See the biggest insider stakes.
Shares held
CVS Health CVS639,861 shares17$60.2M at $94.09May 31, 2021
As of each latest filing. The line shows shares held over time.
Recent filings
- May 31, 2021Shares withheld for tax 634 shares at $86.44 of CVS Health17
- Apr 1, 2021Shares withheld for tax 8,651 shares of CVS Health18
- Apr 1, 2021Shares withheld for tax 81,700 shares at $74.30 of CVS Health18
- Mar 26, 2021Sold 270,650 shares at $74.73 of CVS Health19
- Mar 26, 2021Exercised options 271,347 shares at $74.29 of CVS Health19
- Feb 1, 2021Granted 180,192 shares of CVS Health18
- Jan 19, 2021Sold 62,893 shares at $77.00 of CVS Health20
- Jan 19, 2021Exercised options 64,350 shares at $74.29 of CVS Health20
- Apr 3, 2020Shares withheld for tax 9,803 shares at $55.72 of CVS Health21
- Apr 1, 2020Shares withheld for tax 8,868 shares at $58.34 of CVS Health22
- Feb 28, 2020Shares withheld for tax 51,714 shares at $59.18 of CVS Health23
- Feb 28, 2020Granted 114,058 shares at $59.18 of CVS Health23
- Jan 15, 2020Sold 266,476 shares at $74.79 of CVS Health24
- Jan 15, 2020Exercised options 314,713 shares at $54.53 of CVS Health24
- Apr 1, 2019Shares withheld for tax 20,858 shares at $54.19 of CVS Health25
- Feb 28, 2019Shares withheld for tax 27,731 shares at $57.83 of CVS Health26
- Feb 28, 2019Granted 33,431 shares at $57.83 of CVS Health26
- Feb 1, 2019Sold 166,368 shares at $64.51 of CVS Health27
- Feb 1, 2019Exercised options 166,368 shares at $45.07 of CVS Health27
- Jan 8, 2019Sold 166,368 shares at $69.04 of CVS Health28
- Jan 8, 2019Exercised options 166,368 shares at $45.07 of CVS Health28
- Apr 1, 2018Shares withheld for tax 25,498 shares at $62.21 of CVS Health29
- Feb 28, 2018Granted 14,616 shares at $67.73 of CVS Health30
- Sep 13, 2017Sold 241,150 shares at $83.07 of CVS Health31
- Sep 13, 2017Exercised options 241,150 shares at $34.96 of CVS Health31
Trade performance
| Date | Stock | Trade | Value | Return since | Vs S&P since | Vs S&P, 1 year |
|---|---|---|---|---|---|---|
| Mar 26, 2021 | CVS | Sale | $20.2M | +21.6% | +73.3% | −27.1% |
| Jan 19, 2021 | CVS | Sale | $4.8M | +22.5% | +81.3% | −17.9% |
| Jan 15, 2020 | CVS | Sale | $19.9M | +22.7% | +112.5% | +15.6% |
| Feb 1, 2019 | CVS | Sale | $10.7M | +41.6% | +144.2% | +17.4% |
| Jan 8, 2019 | CVS | Sale | $11.5M | +34.8% | +165.8% | +20.3% |
Returns are price-only (no dividends), measured from the trade date.
Early life and education
- Date not recordedUniversity of Pittsburgh3
- Date not recordedUniversity of Pittsburgh School of Pharmacy3
Merlo grew up in Charleroi, Pennsylvania, just south of Pittsburgh, and graduated from Charleroi Area High School in 1973. He graduated from the University of Pittsburgh School of Pharmacy in 1978.
From Wikipedia’s article on Larry Merlo (this version), CC BY-SA 4.0.
Career
Occupation: chief executive officer.8
- Since 2011Chief executive, CVS Health6
- 2010 to 2021Board member, CVS Health7
- Date not recordedWorked at CVS Health4
- Date not recordedChief executive, CVS Pharmacy5
Merlo began his career at Peoples Drug, and joined CVS Pharmacy in 1990, when Peoples was acquired by CVS. He served as senior vice president of stores (January 1994 to March 1998), Executive Vice President – Stores (March 1998 to January 2007), executive vice president of CVS Caremark (January 2007 to May 2010), president of CVS Pharmacy (January 2007 to January 2010), and chief operating officer (May 2010 to March 2011). He was appointed chief executive officer in 2011.
In 2014, after CVS refined its purpose of "helping people on their path to better health", Merlo announced that CVS would be the first major retail pharmacy to discontinue tobacco sales in all of its stores. He also announced that CVS would attempt to expand its line of “MinuteClinics,” which are walk-in health clinics, from 800 locations to 1,500 by 2017. In 2017, Merlo was also behind the decision that CVS would limit access to opioid painkillers.
Merlo announced his retirement from CVS on November 6, 2020, with January 31, 2021 being his last day. He was succeeded by Karen S. Lynch, then Executive Vice President, CVS Health and President, Aetna at the time.
Over the course of his tenure, CVS stock rose from $33.21 to $72.08, a 217% gain in share price. Comparatively, the S&P 500 grew 280%.
From Wikipedia’s article on Larry Merlo (this version), CC BY-SA 4.0.
Personal life
Merlo lives in East Greenwich, Rhode Island, with his college sweetheart, Lee Ann. They were married in 1978. Together they have one child, Kristen Merlo.
From Wikipedia’s article on Larry Merlo (this version), CC BY-SA 4.0.
Legal issues and controversies
In 2015, it was revealed that Merlo had the highest CEO-to-average-employee pay ratio of any American company by Fortune Magazine. CVS has also been criticized under Merlo's tenure as CEO for understaffing, not allowing pharmacy staff to take breaks, and underfunding critical aspects of daily operations.
Additionally, claims of CVS using unethical and strong arm business practices during Merlo's tenure have been made. Several states have, in recent years, looked into the use of spread pricing and patient steering by CareMark, CVS's pharmacy benefits manager. One of the most comprehensive investigations began as an in-depth journalistic investigation by Ohio's Columbus Dispatch. Their Side Effects series ran from January 2018 - April 2020 and prompted a state-sponsored study which found that PBMs (pharmacy benefit managers) were charging Ohio taxpayers 3-6 times the normal rate. The series also led to new state Medicaid rules and to proposed legislation aimed at tightening regulations on PBMs and controlling prescription drug prices.
From Wikipedia’s article on Larry Merlo (this version), CC BY-SA 4.0.
Links
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataLarry Merlo on Wikidata
- 2WikipediaLarry Merlo on Wikipedia
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- 12SEC EDGARKenvue, Board member
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- 14Wikidata and SEC EDGARCVS Health, Board member
- 15SEC EDGARCVS Health, President
- 16SEC EDGARCVS Health, Executive Vice President
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- 18SEC EDGARForm 4 filed Apr 2, 2021
- 19SEC EDGARForm 4 filed Mar 29, 2021
- 20SEC EDGARForm 4 filed Jan 21, 2021
- 21SEC EDGARForm 4 filed Apr 7, 2020
- 22SEC EDGARForm 4 filed Apr 3, 2020
- 23SEC EDGARForm 4 filed Mar 3, 2020
- 24SEC EDGARForm 4 filed Jan 17, 2020
- 25SEC EDGARForm 4 filed Apr 3, 2019
- 26SEC EDGARForm 4 filed Mar 1, 2019
- 27SEC EDGARForm 4 filed Feb 4, 2019
- 28SEC EDGARForm 4 filed Jan 10, 2019
- 29SEC EDGARForm 4 filed Apr 3, 2018
- 30SEC EDGARForm 4 filed Mar 2, 2018
- 31SEC EDGARForm 4 filed Sep 15, 2017
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