Revlon said Monday that CEO Fabian Garcia is leaving to "pursue other opportunities" as the company grapples with projections of a steep loss.A Revlon board member, Paul Meister, will become executive vice chairman of the board and run the cosmetic company's day-to-day operations, the company said. Garcia will not depart until the end of next month in order 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 Like many traditional retail companies and brands, Revlon has been facing headwinds from more nimble competitors like Sephora and Ulta, which are known for their engaging in-store experiences, as well as the success of online giant Amazon and other beauty sites.Revlon’s preliminary report on its performance in the quarter that ended Dec. 31 shows steep losses for that three-month period. It estimated that its quarterly loss … [Read more...] about Revlon’s CEO departing amid expected steep losses
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Revlon’s CEO is stepping down
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
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?
Editorial: Cheers To Aetna, CVS
A city that desperately needed some good news got some on Friday: Mother Aetna is staying in Hartford. When the word came last summer that the insurance giant was moving its headquarters from Farmington Avenue to Manhattan, it echoed across the region like a death rattle. Hartford, once among the nation's most prosperous cities, was losing its marquee tenant, the company that had called the city home since 1853. Even if it was mostly symbolic — only a few hundred of the area's 5,800 Aetna employees would have been moving to New York — it was a devastating assessment of the region at the worst possible time. The state was in the midst of a budget crisis, the fiscal year was coming to a close with no solutions in sight, and Hartford was at the brink of bankruptcy. Aetna CEO Mark Bertolini's words at the time were cruel. He told The New York Times that New York has "the ecosystem of having people in the knowledge economy, working in a town they want to be living in, and we … [Read more...] about Editorial: Cheers To Aetna, CVS
For Pharmacist Turned CEO: CVS’ Larry Merlo Faces Biggest Challenge In Aetna Acquisition
When Larry J. Merlo took the CEO job at CVS in 2011, some wondered if his experience heading the drugstore chain’s retail operations had prepared him enough to tackle CVS’s strategic transition into a health care company.But since assuming the helm, Merlo steadied a faltering merger with pharmacy benefits manager Caremark and took the gutsy step of removing cigarettes and other tobacco products from CVS store shelves, costing the company $2 billion a year but boosting its standing in the health care industry.Now, Merlo, who is 62, faces the most ambitious — and challenging — move in his 27-year career at CVS: the $69 billion acquisition of Hartford-based health insurer Aetna, Inc. and the push to create a new model for health care.The merger, announced in December after weeks of speculation, has the potential to dramatically reshape health care, making pharmacies a fuller partner with physicians and their patients. Crucial to the merger is creating new and … [Read more...] about For Pharmacist Turned CEO: CVS’ Larry Merlo Faces Biggest Challenge In Aetna Acquisition
Aetna’s NYC Headquarters Uncertain As CVS Evaluates Sites
As a subsidiary of CVS Health Corp., Aetna Inc. may have to scuttle its plans to move to a new $85 million headquarters in New York City. In a filing by Aetna with the U.S. Securities and Exchange Commission Tuesday and in an email from a CVS spokeswoman, the companies said all of Aetna’s offices will be reviewed as part of the the Rhode Island company’s $69 billion purchase of the Hartford insurer. CVS would not commit to keeping the Manhattan site when asked Tuesday about Aetna’s plans to relocate. “All real estate locations will be evaluated by CVS Health during the integration planning process,” said Aetna and CVS spokeswoman Carolyn Castel. She cautioned, two days after the CVS-Aetna deal was announced, that it’s too early to provide detailed plans. A spokesman for Aetna did not respond to a request for comment. Despite overtures from the state and city, Aetna announced in June it would end its 164-year run in Connecticut by moving to New York … [Read more...] about Aetna’s NYC Headquarters Uncertain As CVS Evaluates Sites
CVS is said to near $65 billion-plus deal for insurer Aetna
CVS is said to near $65 billion-plus deal for insurer Aetna By Robert Langreth and Zachary Tracer, Bloomberg News November 30, 2017 Updated: November 30, 2017 4:54pm Photo: Dreamstime /TNS A deal between Aetna and CVS could upend the health insurance, pharmacy and drug benefit sectors. Many of the biggest players in those industries are also looking over their shoulders at Amazon.com Inc., which has been reported to be exploring various health-care businesses. A deal between Aetna and CVS could upend the health insurance,... (Bloomberg) -- CVS Health Corp. is nearing an agreement to acquire health insurer Aetna Inc. for more than $65 billion, according to a person familiar with the negotiations, in a deal that could reshape the pharmacy and health insurance industries. An announcement could come as soon as Monday, said the person, who asked not to be identified because the talks are private. CVS is likely to agree to … [Read more...] about CVS is said to near $65 billion-plus deal for insurer Aetna