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CVS Health has expanded its board to 16 members, adding four new directors, including Glenview Capital Management CEO Larry Robbins, who has been critical of the company. The move follows Glenview"s acquisition of a 1% stake and aims to enhance financial and operational performance amid ongoing challenges in CVS"s insurance business. Shares rose over 3% following the announcement.
CVS Health has reached an agreement with activist investor Glenview Capital to add four new members to its board, including Glenview CEO Larry Robbins, following the ousting of former chief Karen Lynch. The board will expand to 16 members as CVS aims to enhance value amid challenges in its Medicare Advantage business and ongoing cost-cutting measures.
CVS Health announced the addition of four new board members, including Glenview Capital Management CEO Larry Robbins, following an agreement with the hedge fund. This move comes as Glenview increased its stake in CVS by 31% during the third quarter, purchasing 2.8 million shares. CVS chairman Roger Farah emphasized the goal of delivering greater value to all stakeholders through this collaboration, expanding the board to a total of 16 members.
Karen Lynch has stepped down as President and CEO of CVS Health, replaced by David Joyner, effective October 17, following disappointing preliminary financial guidance for Q3. The company faces ongoing challenges with elevated medical costs, leading to significant restructuring charges and a 13% drop in shares. Joyner, with extensive healthcare experience, aims to lead CVS through these difficulties while acknowledging Lynch's contributions during her tenure.
CVS Health has appointed David Joyner as CEO, succeeding Karen Lynch, who stepped down following a tumultuous period for the company. Joyner, previously president of CVS Caremark, brings extensive industry experience and will also join the board of directors. The company is facing significant financial challenges, including rising medical costs and a multi-year initiative to cut $2 billion in expenses.
Roger Farah
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