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CVS Pharmacy used to be a subsidiary of Melville Corporation, where its full name was initially as Consumer Value Stores. Melville changed its name to CVS Corporation in 1996[12][13] after Melville sold off many of its stores other than its pharmacies.[14] The last of those operations were sold in 1997.[12]

Former CEO Tom Ryan has said he considers "CVS" to stand for "Customer, Value, and Service".[15]

During the company's days as a regional chain in the Northeast, many CVS stores did not include pharmacies. Today, the company seldom builds new stores without pharmacies and outside of New England is gradually phasing out any such shops. Any new non-pharmacy store is usually built in a more urban setting where another CVS with a pharmacy exists within walking distance such as downtown Boston, Massachusetts, or Providence, Rhode Island. These stores usually lack a pharmacy and a photo center but carry most of the general merchandise items that a normal CVS Pharmacy carries such as health and beauty items, sundries, and food items.[citation needed]

On October 18, 2024, David Joyner, who previously oversaw Caremark, replaced Karen Lynch as CEO.[16]