Make up giant Revlon said Monday that its president and CEO Fabian Garcia, has resigned.A Revlon board member, Paul Meister, will run day to day operations in the interim, the company said. Garcia will not leave until the end of next month to ensure a smooth hand-off. More: Beauty products: 5 tips for savvy shopping More: CVS bans photo manipulation for store beauty brands, will place alert label on others "It has been a privilege to serve as CEO of this iconic company,'' Garcia said in a statement. "I'm confident that Revlon will continue to succeed as the company executes its long term growth plan, which is already having an impact on reestablishing its status as a trendsetter and pioneer in the industry.'' … [Read more...] about Revlon’s CEO is stepping down
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Target CEO foresees rebound following a tough quarter
The patchy consumer spending patterns that dragged down many retail heavyweights in recent weeks also hit Target Corp. After reporting lower-than-expected sales for the first quarter, the Minneapolis-based retailer said Wednesday it expected flat-to-lower sales in the coming months given the choppy landscape. The news spooked investors, triggering one of the biggest sell-offs of Target’s stock in nearly eight years. Chief Executive Brian Cornell provided a litany of reasons for the downbeat forecast, including a cold and wet spring that affected sales in East Coast markets such as New York, Boston and Philadelphia. Meanwhile, sales on the other coast, in places like San Francisco and Los Angeles, boomed in the February-to-April period. “We’re seeing very significant geographic volatility unlike anything I’ve seen in many, many years,” Cornell told analysts on a conference call. “I expect the Northeast to recover. I think spring will arrive … [Read more...] about Target CEO foresees rebound following a tough quarter
Tufts Medical Center CEO to take on new role in parent company
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Priyanka Dayal McCluskey Globe Staff January 18, 2018 The chief executive of Tufts Medical Center, Dr. Michael Wagner, is taking a job at Tufts’ parent company to oversee a new strategy aimed at improving the patient-care experience.Wagner, who took a hard-line approach during a nurses strike at Tufts last year, plans to leave the CEO job in May, after about four years leading the Chinatown institution, to become chief physician executive for the Wellforce network. The hospital’s board has hired a search firm and assembled a committee to look nationally for a new chief executive.Wellforce was founded in 2014 when Tufts and Lowell General Hospital came together under a new parent company. Lawrence Memorial Hospital and Melrose-Wakefield Hospital, which make up the Hallmark Health System, also joined the organization in 2017. Advertisement The … [Read more...] about Tufts Medical Center CEO to take on new role in parent company
Aetna Shareholder Sues To Block CVS Deal
A shareholder has sued Hartford-based Aetna Inc., seeking to block its proposed purchase by CVS Health because, he says, the deal shortchanges shareholders. According to documents included in the federal lawsuit filed Tuesday, Aetna shareholders will receive approximately $207 per share if the $69 billion transaction is approved by regulators, but independent analyses have pegged Aetna’s implied value per share as high as $233. “The intrinsic value of the company and its common stock is materially in excess of the amount offered given the company’s prospects for future growth and earnings,” the lawsuit reads. “As a result, the proposed transaction will deny class members their right to fully share equitably in the true value of the company.” The lawsuit, filed by Olivier Miramond, also says a $2.1 billion fee Aetna must pay CVS if it pursues a better purchase offer is excessive and discourages other suitors from acquiring the insurer and that … [Read more...] about Aetna Shareholder Sues To Block CVS Deal
Is CVS Health Corporation a Buy in 2018?
For most of this decade, CVS Health Corporation (NYSE: CVS) stock handily beat the S&P 500. But not last year. In 2017, shares of the pharmacy services giant fell 8% while the S&P 500 enjoyed a nice gain of 19%. It's possible, of course, that last year was an aberration. Is CVS Health stock a buy in 2018? Or should investors look elsewhere? Let's examine both sides of the argument. Image source: Getty Images. The case for buying CVS Health CVS Health really consists of two businesses rolled into one. The company ranks as the largest pharmacy retailer in the U.S. It's also the second-largest pharmacy benefits manager (PBM) in the country. And there's the possibility that CVS Health could become the fifth-biggest health insurer in the U.S. if the company's acquisition of Aetna (NYSE: AET) goes through. The long-term investing thesis for CVS Health, with or without Aetna, hinges largely on demographic trends. As baby boomers age, they will need more prescription drugs. … [Read more...] about Is CVS Health Corporation a Buy in 2018?