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CVS Caremark names new PBD unit president

WOONSOCKET, R.I. (AP) -- CVS Caremark Corp. said Friday that Jon Roberts, executive vice president and chief operating officer of the company's pharmacy-benefit management division, will become the unit's president on Sept. 1.

Roberts will continue to report to Per Lofberg, who currently runs that unit. Lofberg, who has been president since early 2012, in December extended his employment agreement through 2013.

Roberts, 56, a pharmacist by training, has been with CVS Caremark for 21 years. He has served in the role of EVP and COO for Caremark Pharmacy Services since 2010.

The announcement came two days after pharmacy benefits managers Express Scripts Inc. and Medco Health Solutions Inc. said their $29.1 billion combination could close as soon as next week. The combined company would become the largest U.S. PBM by far. It would handle the prescriptions of about 135 million people, or more than one in three Americans.

An alliance of drugstores and community pharmacists has filed a federal lawsuit to stop the takeover, a deal they fear would create a giant pharmacy benefits manager with too much leverage and market share.

CVS Caremark shares rose 34 cents to $44.63 in morning trading. Its shares hit a 52-week high of $45.88 earlier this week. Its shares traded as low as $31.30 in early August.