CVS Health (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; Aetna, a health insurance provider, among many other brands. The company’s headquarter is in Woonsocket, Rhode Island.
Consumer Value Stores (CVS) was founded in 1963 by three partners: brothers Stanley and Sidney Goldstein and Ralph Hoagland, who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined the Melville Corporation, which managed a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as CVS.
It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007, and was renamed CVS Caremark Corporation. The company was renamed CVS Health in 2014, following its decision to remove tobacco products from CVS Pharmacy store shelves. CVS Health’s assets include CVS Pharmacy, CVS Caremark, CVS Specialty, and the retail clinic MinuteClinic.
In 2020, it ranked 5th on the Fortune 500 and 13th on the Fortune Global 500 list with $194.58 billion in annual revenue. In December 2017, CVS agreed to acquire Aetna for $69 billion and completed the acquisition in November 2018. Legal issues related to the merger were resolved in September 2019.
In February 2020, CVS Health announced changes to its Board of Directors. Directors Richard “Dick” Swift, Richard Bracken and Mark Bertolini will no longer stand for re-election at the company’s 2020 Annual Meeting and the Board will be reduced from 16 to 13 directors.