Drugstore chain CVS Health today staged a celebration in Manhattan's Bryant Park to mark its new corporate name and decision to quit the cigarette business a month earlier than expected.
CEO Larry Merlo promised in February the chain would stop selling tobacco products Oct. 1, resulting in the loss of $2B in annual revenues.
Effective Sept. 3, CVS no longer sells cigarettes, a decision that earned praise from Campaign for Tobacco-Free Kids, which wants Wal-Mart and Walgreens to follow suit.
Merlo anticipates more than filling the cigarette sales void by providing a broader range of health services.
Changing the CVS Caremark name to CVS Health is a way to reflect a broader healthcare commitment and "expertise in driving the innovations needed to shape the future of health," according to the company
Ad agency BBDO, which unveiled a new corporate ad campaign for CVS, handled the Bryant Park event, according to Kym White, who heads Edelman's health unit, which does PR for CVS.
"That is a BBDO crew – the agency behind the new ad and digital campaign #onegoodreason – but Edelman continues to support CVS Health and this initiative," White told O'Dwyer's. "We’re very pleased with the media coverage and the attention that this bold public health move continues to command as CVS Health shows its leadership in the evolution of healthcare.
The Wall Street Journal, New York Times, USA Today, Forbes and NPR were among outlets to cover the CVS name change and early end of cigarette sales.
Merlo told Forbes that "changing the name catches up with what we've been doing."
Business leaders will face challenges in the upcoming year, some of which will come as a complete surprise, or beyond anyone's imagination.
Teneo has hired Philipp Grontzki, who is a 20-year veteran of corporate communications and financial journalism, as a managing director in its strategy and communications group.
Rowan Benecke, who co-founded Zeno Group and helmed Burson-Marsteller's tech practice, has joined McKinsey & Co as director of communications for North America.
BCW has named Golin's Matt Coldagelli EVP and leader of its corporate affairs practice in Chicago.
Abby Bailey, who headed corporate communications for Fedex in its Middle East, India and Africa region, has joined Teneo as managing director in Dubai.
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