Frank A. Newman

Frank A. Newman has deep experience in the pharmacy business as well as extensive business background that includes financing and managing a start-up, completing two successful IPO's, and running a $12 billion Fortune 300 business.

Newman served as Chairman and CEO of Eckerd Corporation, one of the largest drug chains in the U.S. During his tenure, Eckerd sales increased from $3.6 billion to $12.4 billion and shareholder value increased 500% from the Eckerd IPO in August 1993 to the sale of the company to J.C. Penney in March 1997. Newman also has served on the Board of the National Association of Chain Drug Stores, including as its Chairman.

Prior to joining Eckerd, Newman was President and CEO of F&M Distributors, the original deep-discount drug store chain. Under his leadership, sales increased from $110 million to $631 million and the company went public in 1992. His previous experience includes serving as Executive Vice President of Household Merchandising Inc, the retail division of Household Financial Corp, and Senior Vice President for Merchandising of the F.W. Woolworth Company.

Newman is a director of Jabil Circuit (NYSE), JoAnn Stores (NYSE), and MTS Medication Technologies (AMEX). Newman is also Chairman and Chief Executive Officer of Medical Nutrition USA, Inc., a developer of nutrition-medicine products for sale to long-term care facilities, hospitals, dialysis clinics, bariatric surgery clinics, physicians, and marketing companies. He is a member of the University of Michigan College of Pharmacy Board of Advisors.