Shares of CVS dropped by 10% on Friday morning, pacing what would be the company's worst loss in three years, after the company replaced its chief executive while cutting its earnings projections well below analyst expectations.
CNBC's Joe Kernen reports on the latest news.
CVS Health (CVS) stock tumbled 10% Friday morning after the pharmacy and healthcare giant announced the replacement of Chief Executive Officer (CEO) Karen Lynch with David Joyner, a longtime company veteran who most recently ran Caremark, its pharmacy benefit manager (PBM).
CVS Health Corp.'s stock tumbled 10.5% early Friday, after the healthcare company announced leadership changes and lowered guidance for the fourth time this year, weighed down by challenges in its health-benefits business.
CVS to replace CEO Karen Lynch with exec David Joyner as profits, share price suffer
CVS Health Friday said chief executive officer Karen Lynch has stepped down as the company's top executive and will be replaced by David Joyner who has been in charge of the company's Caremark pharmacy benefit company.
The healthcare provider named longtime executive David Joyner as its new CEO, succeeding Karen Lynch.
CVS Health is naming its longtime executive David Joyner as its new CEO, succeeding Karen Lynch at the helm of the struggling healthcare giant, the Wall Street Journal reported on Friday.
CVS Health Co. NYSE: CVStransformed from one of the largest drug store pharmacy chains in the country to an integrated healthcare company when it acquired Aetna Health Insurance for $70 billion on November 28, 2018. The plan was to offer the full gamut of healthcare services and products and grow its Minute Clinics around the country, cashing in on primary care services.
CVS Health is exiting its core infusion services business and plans to either close or sell 29 related regional pharmacies in the coming months, a company spokesperson confirmed to Reuters on Friday.
CVS Health (CVS) reachead $66.85 at the closing of the latest trading day, reflecting a +1.33% change compared to its last close.