NEW: RI Fortune 500 Companies Slip in Rankings
Thursday, May 05, 2011
Rhode Island’s two Fortune 500 companies dropped slightly in the annual rankings put out by Fortune Magazine. CVS Caremark Corp. was No 21 on the list, down from No. 18 a year ago. Textron, meanwhile, slid 13 spots from a year ago, checking in at No. 233.
CVS Caremark, which has enjoyed a Top 100 ranking for the last 12 years, did $96.4 billion in sales in 2010. In a brief breakdown of the company on Fortune’s website, the magazine focused on the recent transition from longtime CEO Tom Ryan to Larry Merlo.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Merlo inherits the largest pharmacy health care provider in the U.S., with more than 7,100 CVS retail outlets, a leading pharmacy benefits manager, and a health clinic group that includes the fast-growing MinuteClinic chain,” Fortune says. “His first order of business: breathing new life into CVS stock, which still trades 17% below its 2008 high.”
After its annual revenue dropped by 25 percent a year ago, Textron actually saw a slight increase in sales this year (.8 percent).
Just as in 2010, Walmart, Exxon Mobil and Chevron were the top three companies on the list. ConocoPhillips checked in at No. 4 on the list, up two spots in the new rankings. Rounding out the to five was Fannie Mae, which jumped 76 spots this year.
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