Derica Rice Joining Disney’s Board; Chen, Lewis, and Langhammer to Depart

Disney’s Board of Directors announced that Derica W. Rice, Executive Vice President of CVS Health and President of CVS Caremark will stand for election to the board of The Walt Disney Company at the annual shareholder meeting on March 7, 2019.

In addition John S. Chen, Aylwin B. Lewis and Fred H. Langhammer will be leaving the Disney board due to the policy that limits tenure to 15 years and sets a retirement age of 74. This means the size of the Board will be lowered to 9.

What They Are Saying:

  • Bob Iger: “As a well-respected leader in a dynamic, consumer-facing industry, Mr. Rice will bring a wealth of expertise and experience to our Board. We look forward to his insight and perspective as we continue to position the Company for long-term growth during this transformative era. Over the past 15 years, John, Aylwin and Fred have played pivotal roles in our progress, each bringing his invaluable wisdom and candor to our Board. I’m immensely grateful for their contributions and support during what has been an extended period of historic achievement at Disney, and I join the entire board in thanking them for their service.”
  • Derica Rice: “I am honored by the opportunity to join Disney’s Board, especially at such an important time for the Company. Disney has long set the standard for world-class storytelling and innovation, and I look forward to working with Mr. Iger and the rest of the Board as the Company expands its portfolio and moves further into the direct-to-consumer space with new and compelling entertainment experiences.”

About Derica Rice:

  • Has served as Executive Vice President of CVS Health and President of its pharmacy benefits management (PBM) business, CVS Caremark, since March 2018.
  • He leads the PBM business, including sales and account management, operations, mail service pharmacy and specialty pharmacy.
  • Mr. Rice also oversees PBM strategy, new business development and client relationship management and retention.
  • Prior to joining CVS Health, Mr. Rice served as Executive Vice President of Global Services and Chief Financial Officer for Eli Lilly and Company.
  • During his 27-year career at Eli Lilly, Mr. Rice was instrumental in helping to drive the company’s innovation strategy and held numerous roles in finance and operations, including as Chief Financial Officer for Lilly Canada, General Manager of Lilly’s U.K. affiliate, Executive Director and Chief Financial Officer of European operations, and Vice President and Controller of Eli Lilly.
  • He was also a member of the Board of Directors of Target Corp. from 2007 to January 2018.
  • Rice holds a master’s degree in business administration from Indiana University and a bachelor’s degree in electrical engineering from Kettering University.