Monday, April 23, 2007
A group of union pension plans announced that it will withhold their votes for the re-election of two directors at CVS/Caremark at its May 8 annual meeting, to protest the CVS/Caremark merger and draw attention to the backdating stock options investigation at the company. The two nominees, Roger L. Headrck and C.A. Lance Piccolo, were directors when Caremark selected CVS as a merger partner instead of a more lucrative offer from Express Scripts. See WSJ, Funds to Oppose CVS Board Choices.