CVS Health CEO Karen Lynch has stepped down and is being replaced by David Joyner amid struggles with rising costs.
CVS Health said Friday CEO Karen Lynch has stepped down after the pharmacy chain once again warned its earnings will fall short of Wall Street's forecasts. Lynch will be replaced by CVS Caremark president David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs. CVS , which had cut its financial expectations for the third time in August, said Friday that its third-quarter earnings will fall short of expectations. Shares fell $6.
CVS Health also announced on Friday that Chairman Roger Farah will now be executive chairman.'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,' Farah said in a statement.
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