Recognition and Rewards

We have a number of recognition programs to reward and inspire our colleagues, and the work we conducted in 2010 will lead to the development of additional formal and informal ways that we can recognize and reward quality work in 2011.

Paragon Award

Each year, we recognize our company’s best and brightest store and operations colleagues with the CVS Caremark Paragon Award. This award, the highest honor a colleague can achieve within our company, is reserved for individuals who make remarkable contributions on the job or in their community. Our Paragons, as they are called, have embraced their role in helping to improve the quality of human life and inspire others to do the same. The example they set each day helps our entire organization to succeed. In September 2010, nine colleagues were recognized with the CVS Caremark Paragon Award – two from the PBM, six from retail and one from MinuteClinic.

Chairman’s Award

The company recognizes noteworthy accomplishments by non-store colleagues through the prestigious Chairman’s Award. In 2010, the Chairman’s Award was given to 14 colleagues for leading successful major initiatives, teamwork, generating new ideas, increasing revenues, and demonstrating leadership and commitment to our Vision, Mission and Values. The selection process is rigorous and includes input from the individual’s supervisor, our management team and the CVS Caremark Board of Directors.

Breakthrough Awards

Announced on a quarterly basis, the CVS Caremark Breakthrough Awards recognize those colleagues who not only deliver top-notch results and execution, but in particular those who are innovative in their approach. As our company strives to improve the quality of human life, innovation will ultimately be the measure of our success. As such, our Breakthrough Award winners – numbering about 50 in 2010 – are helping prepare our company for the future, and setting an example for each of us to follow.