CVS Caremark adds former J&J CEO Weldon to board

Drugstore operator CVS Caremark Corp.'s board of directors has elected former Johnson & Johnson Chairman and CEO William C. Weldon to join the board.

The Woonsocket, R.I., company late Friday said that Weldon's experience in managing a complex health care company and his knowledge of the global health care market made him a good fit.

Weldon, 64, retired as J&J CEO about a year ago and left the board in December. The New Brunswick, N.J., company makes an array of products, including prescription drugs like the attention deficit treatment Concerta and consumer products such as No More Tears shampoo.

CVS Caremark has more than 7,400 drugstores and runs one of the nation's largest pharmacy benefits management businesses. Pharmacy benefits managers, or PBMs, run prescription drug plans for employers, insurers and other customers.

In a regulatory filing, the company said it directly purchased about $740 million in products from J&J last year and bought more through third parties like drug wholesalers. It added that Weldon was not involved in the negotiation of any purchases or business arrangements between the companies.

Shares of CVS Caremark fell 43 cents to $54.56 Monday afternoon while broader trading indexes also declined slightly.