Citi: CVS Names President of Caremark Pharmacy Services

In a research report published earlier today by Citi, CVS Caremark

outlined its succession plan for its PBM business, naming Jon Roberts as the President of Caremark Pharmacy Services. According to Citi, “Recall, during the company's analyst meeting last December, Per Lofberg announced his intention to extend his employment agreement with CVS Caremark through December 2013. Mr. Roberts will report to Mr. Lofberg, and in his new role as President, he will have day-to-day oversight for the PBM business including sales and account management and operations. Mr. Lofberg will focus on driving PBM strategy, new business development, and client relationship management and retention, serving effectively as the chairman of PBM. We believe that CVS is well positioned for PBM topline growth and to capitalize on opportunities through the WAG/ESRX dispute and the pending MHS/ESRX merger. CVS is on Top Picks Live! We reiterate our Buy rating.” Citi maintains its Buy rating and $51 PT on CVS Caremark, which closed Friday at $44.80.