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Disney Nominates CVS’s Derica W. Rice to Board of Directors

He will stand for election during the company’s March 7 meeting

The Walt Disney Company’s board of directors announced Friday that Derica W. Rice, executive vice president of CVS Health and president of CVS Caremark, has been nominated to stand for election as a director.

“As a well-respected leader in a dynamic, consumer-facing industry, Mr. Rice will bring a wealth of expertise and experience to our Board,” Disney CEO Bob Iger said. “We look forward to his insight and perspective as we continue to position the Company for long-term growth during this transformative era.”

Rice will stand for election during the company’s annual meeting on March 7. A total of nine nominees will stand for election as directors at this year’s annual meeting, which, along with Rice, include eight current board members. Three board members will be departing: John S. Chen, Aylwin B. Lewis and Fred H. Langhammer.

This meeting will presumably come after Disney closes its acquisition of 21st Century Fox’s film and TV assets, which is expected to happen in the early part of 2019.

“I am honored by the opportunity to join Disney’s Board, especially at such an important time for the Company,” Rice said. “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.”

Rice has served as executive vice president of CVS Health and president of its pharmacy benefits management (PBM) business, CVS Caremark, since March 2018.