Content about Corporate governance

PALM BEACH, Fla. — During the National Association of Chain Drug Stores Annual Meeting today, the association elected the new officers, two new executive committee members and four new board of directors members for the coming year.

Robert Narveson, president and CEO of Thrifty White Pharmacy, was elected as the new NACDS chairman of the board of directors, succeeding Gregory Wasson, president and CEO of Walgreens.

CHICAGO — Retail executives are moderating their expectations for 2013 following uneven sales in December and January, according to a new survey of CFOs by professional services firm BDO USA.

BOSTON — CVS Caremark was named Public Company Board of the Year in the National Association of Corporate Directors New England Chapter’s Seventh Annual 2013 Director of the Year Awards.  

NACDNE is a source in New England for corporate governance information, education and training for directors and CEOs who are committed to raising standards and improving boardroom performance. Each year, NACDNE recognizes board members and boards from public, private and nonprofit organizations who exemplify the key attributes of outstanding directors.  

DEERFIELD, Ill. — Walgreens on Tuesday announced several new senior management roles, including an expanded role for CFO Wade Miquelon and the appointment of current SVP and chief strategy officer Robert Zimmerman as the lead executive responsible for the Walgreens-Alliance Boots' "synergy team." Succeeding Zimmerman as chief strategy officer will be Brad Fluegel.

HAYWARD, Calif. — One of Impax Labs' top executives is leaving the company, the drug maker announced Friday.

Impax said EVP finance and CFO Arthur Koch would resign to pursue other opportunities. VP finance Bryan Reasons has been appointed acting CFO as the company searches for a successor to Koch.

VALLEY FORGE, Pa. — AmerisourceBergen has promoted one of its executives to serve as its finance chief, the company said Friday.

Tim Guttman — who has served as acting CFO since February, as well as VP and corporate controller for the last 10 years — has been appointed SVP and CFO, effective immediately. Guttman will report to AmerisourceBergen's president and CEO Steven Collis.

Guttman replaced Michael DiCandilo, who left his role as EVP and CFO of the company earlier this year to pursue other interests.

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012, has investors speculating about the reasons for his departure following the recent exit of other key executives.

Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long-planned event. However, the firm said it believed that despite the unexpected news, this appeared to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.

PHILADELPHIA and BLOOMFIELD, Conn. — Global health services company Cigna has hired former Alberto Culver executive Ralph Nicoletti to serve as EVP and CFO, effective June 20.

Nicoletti assumes executive leadership responsibility for all of Cigna's financial operations and functions, as well as for Cigna's investment management and strategic planning units. He will be based in Bloomfield, Conn.

SCOTTSDALE, Ariz. — The National Association of Chain Drug Stores announced that Robert Loeffler will succeed Larry Merlo as the organization's new board of directors chairman, and also announced the appointment of several other elected officers, at its 2011 Annual Meeting.

Loeffler, who serves as H-E-B's chief administrative officer, will replace Merlo, who is CVS Caremark president and CEO, as NACDS board chairman. Additionally, Walgreens president and CEO Greg Wasson was elected vice chairman, while Thrifty White president and CEO Robert Narveson was named treasurer.

DETROIT Generic drug maker Caraco said that its interim CEO and director, Jitendra Doshi, will step down from his position Nov. 1 due to personal and health-related reasons.

While Doshi will assist the company in effecting a smooth transition, G. P. Singh will assume the position of CEO, Caraco said. Singh currently serves as Caraco's COO, and previously was SVP business strategies for three years.