German drug distributor Celesio AG fired its chief executive officer Markus Pinger today due to "different opinions of the management of the company." The company's shares fell into its lowest level in almost two years as a result.

Pinger immediately left the position and his pending management board tasks were handed over provisionally to chief financial officer Marion Helmes. The board of supervisors fired the 50-year old Pinger during a meeting held today, according to a statement released by the Stuttgard based company.

Rumors circulated that Celesio and CVS Caremark Corporation are eyeing a partnership in the next months. This collaboration will inclide purchasing agreements, according to people with information inside the company.

CVS was readying its acquisition of Franz Haniel and Cie GmbH's 50.01% stake in Celesio, according to a report in Manager Magazine. Talks between the two firms were headed by Pinger, said the company.

The current market value of the company plummeted to Eur2.8 billion or US$3.6 billion, a drop of 6.9%