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August 7, 2024

Aetna President Kane out after less than year on the job

Steve Laschever Brian Kane sits in his new office in Aetna’s Farmington Avenue campus in Hartford. The company has decided to part ways with him.
By David Krechevsky

During its second-quarter earnings report Wednesday, CVS Health announced that it will replace Aetna President Brian Kane, effective immediately, less than a year after he was appointed.

“Based on the current performance and outlook for the health care benefits segment, the company has decided to make leadership changes effective immediately,” CVS said in its earnings report news release. “Brian Kane is leaving the company.”

Kane was named president of Hartford-based Aetna, the iconic 170-year-old health insurer and one of the city’s largest employers and taxpayers, in September 2023.

CVS said President & CEO Karen Lynch will assume direct leadership of the segment, and that she and CFO Tom Cowhey “will be overseeing the day-to-day management of this business.”

In addition, Katerina Guerraz, executive vice president and chief strategy officer, will be the chief operating officer of the health care benefits segment. Guerraz is a 20-year Aetna veteran with extensive commercial and Medicare experience, CVS said.

CVS said it expects 2024 adjusted earnings of $6.40 to $6.65 per share, down from previous guidance of at least $7 per share. Analysts surveyed by LSEG had expected full-year adjusted profit of $6.97 per share. 

It was the third consecutive quarter that the company has lowered its 2024 profit guidance. 

For the second quarter, CVS reported adjusted earnings of $1.83 per share, above the $1.73 expected by Wall Street analysts.

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