CVS has replaced CEO Karen Lynch as it struggles to repair its healthcare business. David Joyner, president of the company's pharmacy benefit management unit Caremark, has been appointed as the new chief executive, CVS announced Friday (Oct. 18).
CVS Health Corp. named David Joyner as its new chief executive officer, ending a tumultuous tenure for Karen Lynch. Joyner took over Thursday, according to a Friday release.
CVS Health tapped industry veteran David Joyner to become CEO and turnaround the struggling business.
CVS Health Corp (NYSE:CVS) shares plunged more than 7% in early trade as the pharmaceutical chain announced it is replacing its CEO Karen Lynch with company veteran David Joyner, effective immediately. Joyner has most recently served as executive vice president of CVS Health and president of CVS Caremark, bringing 37 years of health care and pharmacy benefit management experience, CVS said on Friday.
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.