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Executive Summary

REVCO NAMES FORMER MARKETING EXEC DWAYNE HOVEN PRESIDENT AND COO, ending a six-week search following the June 4 dismissal of former President and CEO Boake Sells by Revco's board. Hoven, 50, has been with Revco since 1987 as exec-VP of marketing and stores. The exec also becomes a member of Revco's board of directors. A chairman of the board will be elected at a meeting scheduled for July 27, Revco said. In the interim since Sells' ouster, the board has been led by an executive committee consisting of Sam Zell and Talton Embry. Zell is a partner in the Zell/Chilmark Fund, a major investor in Revco, and Talton represents Magten Management, a large Revco creditor. After Sells' departure, the duties of president had been carried out by an "office of the president," made up of Hoven and four other top execs ("The Pink Sheet" June 8, T&G-3). Hoven is now in charge of Revco's management executive committee, of which he has been a member since 1987. Its members -- VP-Finance and CFO Gregory Raven, Senior VP-Personnel Thomas Robinson, and Secretary and General Counsel Jack Staph -- were all members of the "office of the president" and will report to Hoven. The company said it considered candidates from both inside and outside the firm for the post, and that it contacted several personnel search services before deciding on Hoven. Revco noted Hoven played a major role as a strategist in the company's reorganization and emergence from bankruptcy, including a renewed emphasis on pharmacy operations, healthcare products, and improved customer service. Before coming to Revco, Hoven was president and owner of Davis-Dyar Supply Co. He also has worked at T.G.&Y. Stores and Sav-A-Stop Inc. He lives in Hudson, Ohio.

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