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David Rickard, CFO of CVS Corp., Appointed toSteering Committee of Financial Accounting Standards Advisory Council

WOONSOCKET, R.I., Jan 16, 2004 (BUSINESS WIRE) -- CVS Corporation (NYSE: CVS) today announced that David B. Rickard, Executive Vice President, Chief Financial Officer (CFO) and Chief Administrative Officer (CAO), has been appointed to the Steering Committee of the Financial Accounting Standards Advisory Council (FASAC) for a two-year term.

FASAC's mission is to advise the Financial Accounting Standards Board (FASB) on issues related to the FASB's project priorities and other related matters. The FASB was established in 1973 as the designated organization to establish standards of financial accounting and reporting in the United States. These standards are officially recognized by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.

As a member of FASAC's Steering Committee, Rickard will participate in the process of advising the FASB, including determinations involving the Board's working agenda. "The selection of David Rickard to serve on FASAC's Steering Committee is a testament to his years of expertise in overseeing financial matters at the highest level and his well-earned reputation for integrity and attention to detail. We congratulate Dave on this prestigious appointment," said Thomas Ryan, Chairman, President and CEO of CVS Corporation.

Rickard, who graduated from Cornell University and holds an MBA in Finance from Harvard Business School, joined CVS Corporation as the company's CFO in 1999. Prior to coming to CVS, he held positions including Senior Vice President and CFO at RJR Nabisco Holdings Corporation, Executive Vice President in Grand Metropolitan PLC, and various senior positions at Kraft Foods, Inc.

For additional information on the FASB or FASAC, visit www.fasb.org or www.fasb.org/fasac.

Celebrating more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS has created innovative approaches to serve the healthcare needs of all customers through its over 4,100 CVS/pharmacy stores, its online pharmacy, CVS.com, and its pharmacy benefit management and specialty pharmacy subsidiary, PharmaCare Management Services.

SOURCE: CVS Corporation

CVS Corporation
Todd Andrews, 401-770-5717

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