WOONSOCKET, R.I. (AP) -- CVS Caremark Corp. has named long-serving executive Helena Foulkes to replace Mark Cosby as president of the company's pharmacy business, effective Jan. 1.
The Woonsocket, R.I., company said Cosby will resign on Dec. 31. A short statement from the company on Monday gave no reason for his departure. The former Macy's executive has served as retail president since October 2011.
CVS Caremark runs the nation's second-largest drugstore chain with about 7,600 retail locations. Cosby, 54, is responsible for those stores, the company's distribution centers, its CVS.com web site, merchandising, marketing and real estate, among other things.
Foulkes, 49, has been with CVS Caremark for more than 20 years and serves as the company's chief health care strategy and marketing officer.
CEO Larry Merlo said in a statement that the company needs "a leader who truly understands the health care consumer and the opportunities we can deploy to attract and retain customers and generate strong, longer-term growth" as health care evolves.
CVS Caremark also runs one of the nation's largest pharmacy benefits management business.
Shares of CVS Caremark added 15 cents to $66.83 Monday morning. The company's stock has climbed about 38 percent in 2013.