Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Larry Merlo will take over for Thomas Ryan, who is retiring.
CVS Caremark Corp., which includes the CVS/pharmacy retail division, says that Larry Merlo will take over as CEO March. 1. The company, No. 73 in the Internet Retailer Top 500 Guide, had earlier announced that Merlo would succeed Thomas M. Ryan when he retires this year.
Ryan is set to retire in May. Merlo already is the multichannel retailer’s president and chief operating officer. “Since we announced our transition plan in May, Larry and I have worked hard to successfully transition roles and responsibilities,” Ryan says.
Ryan will remain the company’s non-executive chairman until his retirement. When that happens, CVS says David Dorman will assume that job. Dorman has served on the board since 2006. He also holds the non-executive chairman job for Motorola Inc. Between November 2002 and November 2005, he was chairman and CEO of AT&T Corp.