CVS Caremark Board Adds Former White House Adviser
WOONSOCKET, R.I. (AP) — Drugstore chain CVS Caremark has added to its board of directors a former top adviser to President Barack Obama on the health care overhaul.
The Woonsocket, R.I., company said Wednesday after markets closed that Nancy-Ann M. DeParle, 56, will be an independent director who serves on the board’s audit committee.
DeParle worked in the White House from 2009 until last January, serving as director of the White House Office of Health Reform and as deputy chief of staff for policy.
The health care overhaul is a massive federal law that aims to help millions of uninsured people find health care coverage. Two key provisions of the law, income-based subsidies that help people buy coverage and an expansion of the state-federal Medicaid program, start next year.
DeParle currently serves as a partner with Consonance Capital Partners LLC, a private equity firm focused on investing in small and mid-size health care companies. She also has served on the boards of several health care-related companies, including medical device maker Boston Scientific Corp. and the pharmacy benefits manager Medco Health Solutions Inc., which was purchased by Express Scripts Holding Co.
CVS Caremark Corp. is the nation’s second-largest drugstore chain, with more than 7,500 locations. It trails only Walgreen Co. in size.
The company’s shares closed at $57.78 on Wednesday and have climbed about 20 percent so far this year.
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