Former Caremark CEO launches turnaround firm

Crawford, son and ex-Caremark colleague targeting distressed assets, looking to 'maximize transformational business opportunities'

Mac Crawford, the former CEO of Caremark, has launched an advisory and management services firm with his son Drew and Caremark's former EVP of strategy, Bill Spalding.

The Web site for CrawfordSpalding Group says the venture will be based in Maryland Farms and will help struggling companies with strategic, management and financial services. It may also invest in companies it is working with.

CrawfordSpalding's model is based on Mac Crawford's turnaround experience, honed at Magellan Health Services in the early '90s before he revived, retooled and sold Caremark to CVS for $26.5 billion.

"Our new firm addresses a need in today's challenging economy for strategic advice and management expertise," Mac Crawford said in a release. Talking to the New York Times, Crawford said, "I'm at my best in a messy situation."

At both CVS Caremark and the independent Caremark before that, Spalding was in charge of strategy, M&A work and several business units. He also led the strategic review that produced the CVS deal and defended Caremark against the unsolicited buyout offer by Express Scripts. He left CVS Caremark last fall.

Drew Crawford was senior VP of underwriting and analytics until he left CVS Caremark last October.