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October 18, 2024

Former Aetna President Karen Lynch out as CVS CEO

HBJ PHOTO | STEVE LASCHEVER Karen Lynch is the former CEO of CVS Health.
By Greg Bordonaro

Karen Lynch, who formerly led Hartford health insurer Aetna, has been replaced as CVS Health’s CEO.

CVS’ board of directors on Wednesday named David Joyner as her immediate replacement.

Joyner was most recently executive vice president of CVS Health, and president of CVS Caremark, which is the company’s pharmacy services business. In addition to being named CEO, Joyner has also joined CVS' board. Meantime, current Board Chairman Roger Farah has been elevated to executive chairman.

The leadership change comes as CVS Health has struggled over the past year with various issues, including higher medical expenses from its Hartford-based insurance arm that have weighed down earnings. 

Lynch made several recent moves to try to address the situation, including replacing former Aetna President Brian Kane in August, less than a year after he was appointed to the role. 

A month later, CVS announced that it would cut 1% of its workforce, or about 2,900 employees, across the company, including about 416 employees who work for Aetna. The job cuts are part of a broader $2 billion cost-cutting effort. 

CVS’ board of directors is also performing a full assessment of the company, including the possibility of breaking it up, according to the Wall Street Journal. 

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