CVS Health announced Friday that it replaced CEO Karen Lynch with David Joyner, who is now the both the CEO and acting president of the healthcare company.
Lynch stepped down in agreement with the major pharmacy chain’s board of directors, a company press release published Friday reads. Third-quarter earnings fell below analyst estimates, Reuters reported. Shares of CVS were down 6 to 7 percent as of Friday early afternoon.
BREAKING: CVS Health’s announced their CEO has stepped down
CVS has plunged ~50% from its 2022 highs and is ⬇️7% today after this news and also lowering earnings projections
This comes on the back of the news that Walgreens will close ~1,200 locations by 2027 and 7-Eleven will…
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“The Board believes this is the right time to make a change, and we are confident that David is the right person to lead our company for the benefit of all stakeholders, including customers, employees, patients, and shareholders,” CVS Board of Directors Chairman Roger Farah, who just gained the Executive Chairman title, said in the press release.
Joyner brings 37 years of healthcare and pharmaceutical experience to his new role, according to the press release. The new CEO previously served as executive vice president of CVS Health and president of CVS Caremark. (RELATED: America’s Largest Turkey Company Just Made Thanksgiving Cooking Whole Lot Easier. But What Will Traditionalists Think?)
“There is no greater honor than to lead a company whose mission and purpose are completely focused on improving health,” Joyner said. “I came back to CVS Health in 2023 because I believed I could give more to the company, and I take this opportunity today for the same reason.”
Wall Street analyst Michael Wiederhorn was not surprised by the company’s change in leadership, stating he saw Lynch’s departure coming after CVS failed to optimize the integration of different acquired businesses, according to Reuters.
“This move was brewing for some time, as CVS has struggled under Lynch’s leadership following the failed Aetna merger,” he said.
This article was originally published at dailycaller.com
