CVS Health has named Karen Lynch as its next President and CEO, effective Feb. 1, 2021. Current President and CEO Larry Merlo will continue to serve on CVS Health’s Board of Directors until the company’s next Annual Meeting of Stockholders in May 2021, and as Strategic Advisor to assist with the transition until his retirement on May 31, 2021.
Lynch is currently EVP of CVS Health and President of Aetna, where she has played a prominent role in the integration of Aetna and CVS. She has been with Aetna for eight years and previously served as President of Magellan Health Services, and she has held various senior executive positions at Cigna.
“Karen is a seasoned health care expert who knows our business,” said David Dorman, Chair of the Board at CVS Health in a statement. “She brings a relentless focus on the customer, a strong track record of driving growth and innovation and proven transformational leadership, all of which position her well for success. Our Board of Directors believes that Karen is the right leader to guide CVS Health into its next era of growth as the company continues its transformation.”
Lynch will be charged with maintaining momentum as the pharmacy retailer begins fiscal 2021. CVS reported a 3.5% year-over-year revenue increase for Q3 2020, which ended Sept. 30. Retail sales specifically grew 2.7% as larger basket sizes offset reduced in-store traffic, while pharmacy revenues decreased 0.9%.