Per G.H. Lofberg Named as President of CVS's Pharmacy Benefits Management Unit
Per G. H. Lofberg was recently named the President of its pharmacy benefit management division by CVA Caremark Corp. The new President will assume his responsibilities starting January 4.
The announcement has come at a very crucial time for the company, which is a drugstore chain and pharmacy benefits Management Company fused together. Since last month, the firm's Caremark pharmacy-benefits unit has been under scrutiny after it was revealed that the company's PBM operations lost a whopping $4.8 Billion in contracts for the coming year.
At the same time, CVS had warned that Caremark's operating earnings could drop by around 10-12% over the next year.
But things started to turn around when CVA managed to bag a major 2 year contract with a Texas pension fund, which helped put some of the investors' concerns at rest.
"I think it's a good move, I think it's a shrewd move. They need a calming hand, and someone with experience at the helm", said Jefferies analyst Scott Mushkin.
Mr. Lofberg will be replacing Howard McLure, who announced his retirement last month, sending the company into a major search operation.
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