CVS replaces CEO Karen Lynch with exec David Joyner
Longtime CVS Health executive David Joyner has succeeded Karen Lynch as CEO, as the company struggles to drive higher profits and stock performance, CVS announced Friday.The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year. The stock closed around 5% lower on Friday. CVS has faced challenges as higher medical costs weigh on its insurance unit, Aetna, and a retail pharmacy business pressured by softer consumer spending and reimbursement headwinds for prescription drugs. In August, the company slashed its full-year profit guidance for the third consecutive quarter and said it would cut $2 billion in costs over the next several years.In its release Friday, CVS also said it expects adjusted earnings of between $1.05 and $1.10 per s...










