CVS ceo to exercise options

WOONSOCKET, R.I. CVS Caremark has announced that Tom Ryan, chairman, president and ceo of the company, has initiated a 10b5-1 plan for pre-planned sales of stock.

According to the company, Ryan’s plan calls for the exercise of 1,500,000 soon-to-expire options to buy CVS Caremark shares. The exercise of the options and sale of the resulting stock are expected to take place during 2008.

Ryan beneficially owned approximately 8.1 million CVS Caremark shares as of March 30, the company reported and since that time has exercised 391,320 options and sold the resulting shares. The shares being sold under the 10b5-1 plan represent less than 20% of Ryan’s total holdings. They are being sold for tax and estate planning reasons.