CVS Well being (NYSE: CVS) has named a brand new president and CEO. David Joyner stepped into the function on October 17, succeeding Karen Lynch. Joyner additionally joined the corporate's board of administrators.

“The Board believes that now could be the fitting time to make change, and we’re assured that David is the fitting particular person to guide our firm for the good thing about all stakeholders, together with prospects, workers, sufferers and shareholders Roger Farah, govt chairman at CVS Well being, stated in a press assertion. “To construct on our robust place, we consider David and his deep data of our built-in enterprise can assist us extra immediately deal with the challenges dealing with our business, speed up the operational enhancements our enterprise wants and absolutely understand the worth that we are able to uniquely understand. create.”

Along with Joyner's appointment, Farah was named govt chairman. Beforehand he was chairman of the board of administrators.

Joyner – a 37-year veteran of healthcare and pharmacy advantages administration – ​​most lately served as govt vice chairman at CVS Well being and president at CVS Caremark.

“There isn’t a better honor than to guide an organization whose mission and goal are completely centered on bettering well being,” Joyner stated within the assertion. “I returned to CVS Well being in 2023 as a result of I believed I might give extra to the corporate, and I embrace this chance in the present day for a similar motive. I'm proud to proceed working aspect by aspect with our 300,000 colleagues as we construct a world of well being round each client. Day-after-day, CVS Well being expands entry, will increase affordability and achieves higher well being outcomes for greater than 186 million individuals.”

The information of a serious management change comes after a number of current developments on the firm.

In September, hedge fund investor Glenview Capital Administration reportedly met with executives at CVS Well being. The aim of the assembly was to search out methods to enhance operations as monetary efficiency was disappointing.

Round that point, CVS Well being introduced it could lay off 2,900 workers, nearly all of which had been associated to company features.

Earlier this month, Reuters reported that CVS Well being was exploring a doable cut up of its enterprise segments.

“CVS's administration workforce and board of administrators are regularly exploring methods to create shareholder worth,” a CVS spokesperson advised Reuters. “We stay centered on bettering efficiency and delivering high-quality healthcare services, powered by our unparalleled scale and built-in mannequin.”

Lately, CVS Well being has delved into aged care and residential care.

In 2023, CVS Well being accomplished an $8 billion acquisition of Signify Well being. That very same 12 months, the corporate additionally closed a $10.6 billion deal to purchase Oak Road Well being.

Moreover, the corporate's enterprise capital arm – CVS Well being Ventures – invested in WellBe Senior Medical early this 12 months.

In March, the corporate awarded greater than $3 million in new grants to Phoenix organizations working to fight entry to care points and deal with social determinants of well being. Phoenix-based Dwelling Help Well being was one of many grant recipients.