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February 20, 2021 / 2021 Power 50

2021 Power 50: 18. Karen Lynch & Greg Hayes

HBJ Photo | Steve Laschever Aetna President Karen Lynch.
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Karen Lynch and Greg Hayes lead two of the region’s largest employers that share at least one thing in common — they’ve both moved their corporate headquarters out of state in recent years.

STEVE LASCHEVER
CVS Health CEO Karen Lynch

Lynch on Feb. 1 took over as the CEO and president of CVS Health Corp., the Rhode Island-based pharmacy retail giant that acquired Hartford health insurer Aetna in 2018.

Following that $69 billion deal, Lynch was named president of the health insurer, but it didn’t take long for her to ascend to the top of the company’s corporate ladder. She replaced longtime CVS CEO Larry J. Merlo who retired.

Lynch will be a major player in determining Aetna’s future presence in Connecticut. CVS has pledged to keep Aetna’s headquarters in Hartford for at least 10 years and maintain 5,291 employees here for at least four years. What happens after that is anyone’s guess.

Lynch is leading CVS as it plays a key role in responding to the COVID-19 pandemic, setting up testing sites and participating in the vaccine distribution.

Hayes is CEO of Raytheon Technologies Corp., an aerospace and defense powerhouse created by the 2020 merger of East Hartford-based United Technologies Corp. and Massachusetts defense contractor Raytheon.

Greg Hayes

The company is now headquartered in Waltham, Mass., meaning Hayes from afar will be making future decisions about the company’s Connecticut presence, which still remains strong with thousands of workers at various subsidiaries including jet-engine maker Pratt & Whitney.

Hayes has completely transformed UTC in recent years, building up its aerospace and defense business through various acquisitions and spinning off its Otis Elevator and Carrier Corp. subsidiaries.

2020 proved to be a challenging year for Raytheon as the pandemic created headwinds for many aerospace companies serving the commercial aerospace industry, but its defense business remained strong.

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