CVS Health tapped industry veteran David Joyner to become CEO and turnaround the struggling business.
CVS Health tapped industry executive David Joyner to replace CEO Karen Lynch and turn around the struggling business. Joyner – who has 37 years of health care and pharmacy benefit management experience – took over on Thursday as Lynch stepped down from her position in agreement with the company’s board of directors, CVS said. Joyner previously served as executive vice president of CVS Health, and president of CVS Caremark, where he led the pharmacy services business.
The leadership transition comes shortly after CVS Health cut its 2024 earnings outlook in August and announced its goal to cut $2 billion in costs through a multiyear productivity initiative as medical costs continue to rise. The company is in the midst of finalizing a three-year plan to close 900 stores and recently cut 2,900 out of its more than 300,000 corporate jobs as part of its cost-cutting plan. That equates to about 1% of the company's workforce.
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