ST. LOUIS, July 23, 2013 /PRNewswire/ -- FleishmanHillard announced today the appointment of Edwin "Mac" Crawford to the firm's International Advisory Board (IAB). A turnaround and merger specialist, Crawford is the former chairman of CVS Caremark, a Fortune 20 company formed by the 2007 merger of CVS and Caremark Rx.
Well-respected by the professional investment community, Crawford has led operational turnarounds of businesses for more than 30 years. In 1998, he spearheaded the growth of the pharmaceutical benefit management (PBM) industry with the restructuring of the country's then-largest physician practice management company, Med Partners, into Caremark Rx.
Under Crawford's leadership, Caremark grew from a practically bankrupt entity into a $9 billion Fortune 100 company in only five years. In 2004, he orchestrated the acquisition of AdvancePCS, which made Caremark the second-largest PBM in the world, generating over $23 billion in annual revenue. By 2007, Caremark had grown to be a $37 billion PBM, managing more than 600 million prescriptions when Crawford led the company through the strategic merger with drug chain CVS. His performance garnered him Institutional Investor magazine's award for "Best CEO in Healthcare Technology and Distribution" for 2005, 2006 and 2007.
"New tools, technologies, media and social outlets have radically enhanced the methods and importance of communications in our society," said Dave Senay, president and CEO of FleishmanHillard. "However, as important as they are, they are not a substitute for experience, knowledge, vision and leadership. These are the core attributes that we must personify as we drive value for our clients each day, and the appointment of Mac Crawford to our IAB reflects our commitment to them. Mac's infinite skill set as a leading turnaround and M&A specialist, coupled with his stewardship of some of the world's leading health services companies, makes him an ideal resource for our clients and employees.""As a longtime CEO and adviser on issues that impact the investing public and the public trust, I have a unique view into the value that world-class communications can drive for corporations," Crawford said. "I look forward to working with FleishmanHillard's leading professionals to bring some of that experience and knowledge to the firm's global client base."