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By PBN Staff
BOSTON – Thomas M. Ryan, the former chairman and CEO of CVS Caremark Corp., has taken on a role with a private equity firm.
Ryan will advise Advent International on investment opportunities in retail and health care companies worldwide through its Operating Partner Program.
The program has more than 80 senior industry executives who “typically assist in activities such as finding attractive investment opportunities, conducting due diligence, and creating and driving value creation plans for Advent’s portfolio companies,” Advent said in a news release on Thursday. Advent, founded in 1984, has offices in 17 countries; it has raised $26 billion in private equity capital.
“Tom is simply one of the world’s top corporate leaders. He is tireless in his pursuit of new ideas, innovation and growth. That drive, combined with his expertise in the retail and health care sectors, complements Advent’s time-tested approach to value creation,” said David Mussafer, Advent managing partner.
Ryan currently serves on the board of directors of Yum! Brands and previously served on the board of Bank of America Corp. and Reebok International. He joined CVS Caremark in 1974 as an in-store pharmacist and worked his way up through the company to become the CEO in 1994 and took on the role of chairman in 1998.
Ryan received his bachelor’s degree at the University of Rhode Island’s College of Pharmacy; he is currently a trustee of his alma mater.
“Advent has a proven ability to tackle complex situations and deliver long-term value through operational enhancements and earnings growth, even in low-growth environments. I am delighted to join a firm with a solid track record of success. Advent is a highly focused global organization, and I’m excited to now be part of the team,” Ryan said.