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Stanley Goldstein shaped modern pharmacy retail as we know it by taking CVS from a single store into an industry giant through precise, strategic growth.
Back in 1963, he opened the first Consumer Value Store in Lowell, Massachusetts with his brother Sidney and partner Ralph Hoagland, introducing a self-service model for health and beauty products.
CVS saw explosive growth from that initial location to over 4,000 stores, generating $15 billion in annual sales by his retirement as CEO in 1998.
He sold CVS to Melville Corporation in 1969 (while remaining as president), becoming Melville’s CEO in 1987, divesting all non-CVS divisions, and taking the company public in 1996.
Goldstein maintained a customer-first philosophy and prioritized employee benefits, setting industry standards for retail healthcare that persist today.
He died in 2024.
Tom Ryan had a 13-year tenure as CEO of CVS (1998-2011), during which it became America’s largest pharmacy healthcare provider.
Starting as a store pharmacist in 1974, Ryan guided CVS through expansion that increased market value from $4 billion to $45 billion and annual revenue from $5 billion to $100 billion.
During his reign, CVS acquired Peoples Drug, Revco, Eckerd, and Longs Drug Stores—at which point CVS Health stretched from the East to West’s coasts.
Ryan launched the ExtraCare customer loyalty program, acquired MinuteClinic for retail healthcare services, and merged with Caremark to enter healthcare benefits management.
When he retired in 2011, CVS was the 18th largest U.S. company.
Larry Merlo served as CEO from 2011 to 2021.
Starting at CVS through its acquisition of Peoples Drug in 1990, he rose through the ranks to become CEO.
During his tenure, CVS removed tobacco products from stores in 2014, expanded MinuteClinics from 800 to 1,500 locations, and acquired health insurer Aetna for $69 billion in 2018.
CVS grew to over $250 billion in revenue while its stock price rose 217%.
Karen Lynch served as President and CEO of CVS Health from February 2021 to October 2024.
She executed major healthcare acquisitions, including Oak Street Health ($10.6 billion) and Signify Health ($8 billion), while overseeing CVS’s COVID-19 vaccination programs and launching initiatives to reduce drug costs through the CVS CostVantage program.
Lynch’s leadership faced mounting pressures from declining stock values, executive team turnover, and integration difficulties with new acquisitions.
David Joyner stepped into leadership at CVS Health in October 2024 during a period of significant organizational strain.
As the company grappled with falling stock values and workforce cuts, Joyner brought deep industry expertise from his 37-year career in healthcare and his previous role leading CVS Caremark’s pharmacy services division.
CVS has sought to address missed earnings targets and navigate it's evolving position between retail pharmacy and healthcare services.
Joyner is now focused on improving operations, adapting to digital technologies, and managing rising medical costs.
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