CVS Caremark (NYSE:CVS) Replacing CEO Two Months Earlier than Announced

CVS Caremark (NYSE:CVS) said they're replacing outgoing CEO Thomas Ryan with Larry Merlo two months earlier than previously announced

The new date for the transition is set at March 1. Originally CVS said they were going to replace Ryan sometime in May, after its shareholder meeting.

CVS said the reason for the move is that Merlo is considered ready for the job, having mentored under Ryan for months.

Ryan, who is the only CEO CVS has ever known, will remain on as executive chairman until the noted shareholder meeting. At that time former AT&T (NYSE:T) Chairman and CEO David Dorman will take over as a non-executive chairman.

CVS was trading at $35.34, down $0.07, or 0.20 percent, as of 12:01 PM EST.