CVS Health has replaced CEO Karen Lynch with David Joyner amid rising financial challenges, including high medical costs and a declining stock price. The company has pulled its earnings guidance and announced layoffs of 2,900 workers, while Joyner, a veteran of CVS and Caremark, steps in to address these issues. CVS anticipates a significant increase in its medical loss ratio and will incur a $1.1 billion charge related to its Medicare and ACA businesses in the third quarter.
CVS Health is considering a potential break-up of its retail and insurance units as it seeks to improve its performance amid investor pressure. Discussions with financial advisers and the board are ongoing, with options including the future of its pharmacy benefits manager unit. The company faces challenges, including rising medical costs and a significant drop in share value this year, prompting a $1 billion cost-cutting plan.
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