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CVS Caremark was founded as MedPartners, Inc. in 1993 in Birmingham, Alabama by several local businessmen as a physician practice management (PPM) company. [1] HealthSouth, New Enterprise Associates, and Richard M. Scrushy stepped in to provide the company with early financial backing.
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The new CVS Caremark Corporation is expected to achieve about $75 billion in yearly revenue for 2007. The merger was formally completed on March 22, 2007. [ 29 ] Tom Ryan, CVS's Chairman and CEO, remains president and CEO of the combined company, while Caremark's president and CEO, Mac Crawford, is chairman of the board.
CVS became a standalone company trading on the New York Stock Exchange under the "CVS" ticker in 1996. Stanley Goldstein was the company's first chairman. [ 10 ] CVS acquired over 2,500 Revco drug stores, establishing the company in additional Midwestern, Southeastern and Eastern states in 1997.
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Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, drugstore and pharmacy benefits giant CVS Caremark has earned ...
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