CVS Chief Marketing Officer Rob Price Exits

Price Led Recent Selection of BBDO

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Rob Price
Rob Price

CVS Chief Marketing Officer Rob Price has exited the company to take on an as-yet undisclosed role, the company said. No successor has been named.

Mr. Price was instrumental in crafting the retailer's loyalty program and pushing forward more personalized deals for customers. He also led the retailer's recent creative review, selecting BBDO last month. CVS spent $77 million on measured media last year, according to Kantar Media.

"Rob led the retail marketing team during a period of tremendous growth and strong financial performance and brought numerous positive changes to the business," a CVS spokesman said in a statement.

Mr. Price was also one of the forces behind CVS's decision to stop selling cigarettes and tobacco products in its U.S. stores by Oct. 1. The move could cut the company's revenue by about $2 billion, but was applauded by the American Cancer Society, the American Medical Association and President Obama. It was part of the company's effort to reposition itself into more of a healthcare brand, since it houses pharmacies and prescribes drugs -- capabilities at odds with also selling cigarettes. Prescription drugs accounted for 69.5% of net revenues in 2013, according to SEC filings. Net revenue in 2013 was $126.8 billion. CVS had 7,660 stores across the U.S. as of December.

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