CNBC October 18, 2024
Key Points
– CVS has replaced CEO Karen Lynch with longtime pharmacy benefits executive David Joyner.
– The company has been struggling to drive higher profits and better stock performance.
– Last month, major CVS shareholder Glenview Capital began a significant push for changes at the company.
Longtime CVS Health executive David Joyner has succeeded Karen Lynch as CEO, as the company struggles to drive higher profits and stock performance, CVS announced Friday.
The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year. The stock plunged 8% on Friday.
CVS has faced challenges as higher medical costs weigh on its insurance unit, Aetna, and a retail pharmacy business pressured by softer...
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