CVS Health has named David Joyner as its new President and CEO, replacing the departing Karen Lynch, who stepped down in agreement with the company’s board of directors. Current chairman Roger Farah has been named Executive Chairman.
Joyner was most recently EVP of CVS Health and President of CVS Caremark, the retailer’s pharmacy division. He has 37 years of health care and pharmacy benefit management experience, beginning his career at Aetna before joining Caremark Prescription Services as a regional sales manager.
“CVS Health is responsible for improving health for millions of people across the U.S., and our integrated businesses work together to deliver on our purpose and mission every day,” said Farah in a statement. “To build on our position of strength, we believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires and fully realize the value we can uniquely create.”
For Q2 2024, the last period for which financial results are available, CVS generated $91.2 billion in total revenues, up 2.6% from the $88.9 billion generated in Q2 2023. However, the drugstore’s net income declined 7.6% compared to the same period the previous year, falling from $1.9 billion to $1.8 billion. CVS revealed a multi-year plan to deliver $2 billion in savings in August 2024.
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