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Health Net sells Medicare unit to CVS
New York City -- Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million.
The business has about 400,000 members in 49 states and Washington, D.C., with annual revenue of approximately $490 million.
The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.
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PetSmart appoints CEO as chairman, names new COO
Phoenix -- PetSmart said Friday it has appointed current CEO Robert Moran to also serve as the company’s chairman of the board. Moran, 61, has been president and CEO since 2009, and served as president and COO from 2001 to 2009.
The board of directors also appointed David K. Lenhardt as the company’s new president and COO. Lenhardt, 42, has been with PetSmart since 2000, most recently as executive VP, over store operations, human resources and information systems.