CVS replaces CEO Karen Lynch with exec David Joyner as profits, share price suffer
Publishing timestamp: 2024-10-18 10:54:18
Summary
CVS has replaced CEO Karen Lynch with David Joyner as the company struggles with driving higher profits and stock performance. CVS shares have fallen nearly 20% this year, and the company faces challenges with higher medical costs and softer consumer spending. Major shareholder Glenview Capital has called for changes at the company, including refreshing the board of directors. Joyner, a longtime CVS executive, will take over as CEO and will need to navigate increased scrutiny from the Biden administration and lawmakers on CVS' pharmacy benefits manager, Caremark. CVS is hoping to improve margins in its Medicare Advantage business next year.
Sentiment: NEGATIVE
Tickers: CVS,
Keywords: breaking news: business, retail industry, cvs health corp, health care industry, business news, karen lynch, earnings,
Source: https://www.cnbc.com/2024/10/18/cvs-to-replace-ceo-karen-lynch-with-exec-david-joyner.html