Larry Merlo is President and Chief Executive Officer of CVS Health. The opinions expressed in this commentary are his own.

September marked the five-year anniversary of our removal of tobacco from all our stores, and it remains a source of great pride for CVS Health. Without question, going tobacco-free was a bold, purpose-led action that significantly impacted our bottom line, but it was the right decision for our brand, our business and the health of the country.

More and more businesses are incorporating purpose into the values and operating models of their organizations. Take TOMS shoes, which is aiming to donate more than 100 million pairs of shoes by 2020. Purpose is what led Whole Foods to establish a giving day once per quarter in which 5% of the day's sales are contributed to community-based organizations. Similarly, a commitment to sustainability is sewn into the very fabric of clothing company Patagonia.

As the CEO of a company that took similar bold steps five years ago, I am both supportive and encouraged by the Business Roundtable's recent statement reframing the mission of the corporation, and believe it will energize others to forge a new kind of shareholder value grounded in purpose.

This balance of purpose and profit represents a winning proposition for us all. It can lead to better companies that are motivated to do what is right for all stakeholders — customers, employees, suppliers, communities and, yes, shareholders. And, best of all, it enables us to leave a legacy of healthier communities and a better world.

Our own actions to exit tobacco came out of a realization that not only was the sale of tobacco a barrier to the future growth of the company as a trusted health care provider, but also smoking — which remains the leading preventable cause of death and disease in the United States and costs the economy $300 billion annually — had no place in a setting where health care was delivered. Moreover, our exit from tobacco helped validate CVS's evolving role in the health care marketplace and disrupted access to cigarettes.

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