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CVS chief Larry Merlo earned $32 million in 2014

CVS Caremark CEO Larry MerloEvan Vucci/AP File

CVS Health Corp. chief executive Larry J. Merlo’s total compensation increased by 3.3 percent to $32.3 million last year, the company reported Tuesday.

Merlo, whose compensation included personal use of the retailer’s jets valued at $46,293, took over as the CVS chief executive in 2011. He has worked for the company for more than 30 years.

The Woonsocket, R.I., pharmacy chain made headlines last year for dropping tobacco products as it expanded to offer more health services. The company’s revenue increased to $139.4 billion, up 9.9 percent, and operating income rose 9.5 percent to $8.8 billion in 2014 compared to the previous year.


Merlo’s total compensation included his base salary, time- and performance-driven stock awards and options, cash incentives, pension-related funds and other benefits, according to the most recent disclosure statement from CVS.

Merlo’s base salary climbed 1 percent to $1.3 million. The bulk of his compensation, $11.5 million, came in the forms of performance- and time-based cash incentives.

In addition to aircraft usage, Merlo received $15,000 for financial planning services and $394 for home security.

Taryn Luna can be reached at taryn.luna@globe.com. Follow her on Twitter @TarynLuna.