CVS Health announces the immediate departure of its CEO Karen Lynch, 'in agreement with the Board of Directors', and her replacement in this position by David Joyner, as well as the appointment of the current Chairman of the Board, Roger Farah, as Executive Chairman.
Joining the Board of Directors on this occasion, David Joyner previously headed the Pharmaceutical Services business, which provides solutions to employers, health plans and government entities serving around 90 million members.
In addition, CVS preliminarily reports adjusted EPS of $1.05 to $1.10 for the third quarter of 2024, and says it has 'continued to see medical cost trends ahead of its previous guidance'.
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Roger N. Farah is an American businessperson who has been the head of 9 different companies. Mr. Farah occupies the position of President & Chief Operating Officer of Polo Jeans Co. Mr. Farah is also on the board of Progressive Corp., CVS Health Corp., Impact 21 Co., Ltd. and The Orvis Co., Inc.
In the past Mr. Farah occupied the position of Chairman & Chief Executive Officer of Rich's Department Stores, Inc., Executive Director at Tory Burch LLC, Executive Vice Chairman at Ralph Lauren Corp., Chairman at Tiffany & Co., Chairman & Chief Executive Officer for Venator Group, Inc., Chairman & Chief Executive Officer at Federated Merchandising Group, Chairman & Chief Executive Officer for Foot Locker Retail, Inc., President, Chief Operating Officer & Director at R.H. Macy & Co., Inc. and Director, Senior VP & GM-Merchandising at Saks Fifth Avenue LLC.
Mr. Farah received an undergraduate degree from The Wharton School of the University of Pennsylvania.
CVS Health Corporation is one of the leading American suppliers of health products and services. Net sales (including intragroup) break down by activity as follows:
- medical benefits management (40,2%);
- medical insurance plan management services (30,3%; Pharmacy Benefit Management): administrative management (reimbursement management, patient claim processing, etc.), drug distribution, decision-making information, sales of medical information management services, etc.;
- retail distribution (29.4%): sale of prescription pharmaceutical products, OTC products, beauty and cosmetics products. At the end of 2025, products are marketed primarily via a network of more than 9,000 outlets and via the Internet. In addition, the group offers healthcare services through more than 1,000 clinics (MinuteClinic®);
- other (0.1%).
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