Dave Yost was born in the US in 1947. He used to be chief executive officer of AmerisourceBergen Corporation. He has graduated from the US Air Force Academy in 1969. In 1970 Yost earned his MBA degree from the University of California at Los Angeles, meanwhile, Yost was serving in US Air Force Academy (1969-1974) as an active-member and consequently became a captain.
Having left Air Force in 1974, he has started actively looking for a place of work and as a result he has joined an AmeriSource’s predecessor firm – Kauffman-Lattimer, working there at different positions including co-chief operating officer, executive vice president of operations, and even as president. In 1995 Yost became executive vice president of operations for Malvern, Pennsylvania-based AmeriSource Health Corporation. In May of 1997, Yost was promoted to president and CEO and remained as president until December 2000, at which time he added the position of chairman.
During this period (1998) he led a reorganization of AmeriSource after the U.S. Federal Trade Commission blocked a proposed merger with McKesson Corporation a year later becoming CEO, president, and the board member of a new company – AmerisourceBergen Corporation, which in the same year merged with Orange, California-based Bergen Brunswig Corporation. He stayed at his position till October 2002 and then continued as CEO and director of the company.
From the very beginning of his positioning as the new head of the largest purchaser of generic drugs in the United States, Yost truly believed that his company was different comparing to their main competitors, by not competing with its customers in services to the end user, and in fact that worked. Using this simple strategy, Yost imposed the idea of better performing in order to improve their margins, to cut their costs and to get more revenues. With $36 billion in projected annual revenues in 2001, Yost was given a job of improving company’s efficiency focusing on customer services in about 25 000 chains throughout US.
He began focusing on inventing new type of medical drugs and services provided by AmericaSourceBergen at the same time improving already existing goods, to consolidate company’s position in the pharmaceutical supply segment.
The first step he did regarding improving the customer services was creation of team of managers and regional vice presidents, which had their specific authorities. Management teams had a final decision-making authority in any of customer’s issues that rose in their region. Yost was keeping in touch with vice presidents on weekly basis, at the same time they were talking to customers on daily basis. Another move of Yost was implementing technology-based program for centralized procurement and accurate data processing in order to gain greater efficiencies.
He wanted to respond quickly to their deliveries and this way also improving warehouse efficiencies to JIT (just-in-time) model. This program helped their customers to reduce effort and time spent, when submitting their transactions. Yost also co-worked with the two successful drugstore membership buying and marketing programs—Bergen’s Good Neighbor Pharmacy and AmeriSource’s Family Pharmacy.
Together they had around 4 000 pharmacies. Yost also expanded many of the services offered by its pharmacies, including a diabetic-care business. In 2001-2003 he began cutting off the number of distribution centers that company had, in fact when in 2001 the number of this centers was 52, he reduced this number to 38 in 2003.
Moreover he projected the future reduction from 38 to 30 by 2007 in order to become as efficient as possible. Yost also predicted that the use of this strategy would also help them to reduce errors. While expanding he focused more on small drugstore rather than huge ones, since he believed that it would bring more earnings. His first acquisition was Chicago Illinois-based AutoMed technologies for $120 mln.
Yost bought this company in order to use its automated drug dispensing system to lower AmerisourceBergen’s costs for dispensing drugs in pharmacies. Later on he also acquired Bridge Medical, (based in Solana Beach, California), Bioservices Corporation (Based in Washington DC), and his last acquisition in 2003 – Anderson Packaging (Illinois based). On October 2013, Yost announces retirement, stating following “I’m resigning because I want to spend more time with my family”.