CVS ex-CEO takes home over $120 mln for 2010

March 31 (Reuters) – CVS Caremark Corp’s former
Chief Executive, Thomas Ryan, who recently retired after a
12-year tenure as CEO of the U.S. drugstore chain, took home
more than $120 million in 2010.

The 58-year old, who joined the company as an in-store
pharmacist about 37 years ago, received $29.2 million in total
compensation, which included a salary of $1.48 million along
with stock and option awards worth $11.5 million.

Ryan took another $58.4 million in lump-sum pension and
$50.4 million from stock-award vestings and exercise of stock
options. Perquisites mentioned in a regulatory filing included
$74,000 for personal use of company aircraft and car.

Ryan, who became president and CEO in May 1998 and added the
chairmanship in April 1999, was succeeded by Larry Merlo, the
company’s former chief operating officer on March 1 this year.

Ryan leaves behind a company that is trying to improve
profits at its pharmacy benefits management unit, which makes up
for nearly half its business. CVS reported a 7 percent drop
in 2010 net income and forecast a not-so-comforting operating
profit for the ailing unit at a time when government agencies
are cutting back on paying for prescription drugs and generics
are entering the market.

(Reporting by Megha Mandavia; Editing by Kavita Chandran)

CVS ex-CEO takes home over $120 mln for 2010